Required information Problem 11-41 (LO 11-3, LO 11-4) (Algo) (The following information applies to the questions displayed below.) In year 0, Longworth Partnership purchased a machine for $60,750 to use in its business. In year 3, Longworth sold the machine for $38,900. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $24,100. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Problem 11-41 Part-a (Algo) a. What are the amount and character of the gain or loss Longworth will recognize on the sale? Answer is complete but not entirely correct. Amount 38,900 X Description Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss) 60,750 X $ 24.100 X Problem 11-41 Part-b (Algo) b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $62,500? Amount Description Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss) Problem 11-41 Part-c (Algo) c. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased t $22,200? Amount Description Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss)