In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In year 3, Longworth sold the machine for $43,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $23,900. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What is the amount and character of the gain or loss Longworth will recognize on the sale?
In year 0, Longworth
a. What is the amount and character of the gain or loss Longworth will recognize on the sale?
In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In year 3, Longworth sold the machine for $43,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $23,900. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
a. What is the amount and character of the gain or loss Longworth will recognize on the sale?
In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In year 3, Longworth sold the machine for $43,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $23,900. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
a. What is the amount and character of the gain or loss Longworth will recognize on the sale?
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In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In year 3, Longworth sold the
machine for $43,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by
$23,900. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
a. What is the amount and character of the gain or loss Longworth will recognize on the sale?
Description
Amount
Total Gain/(Loss) Recognized
Character of Recognized Gain/(Loss):
Ordinary Gain/(Loss)
$1231 gain/(loss)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fad386e62-4d08-47f3-8ce4-6aff4632199e%2F01027f5b-fafc-45aa-b79a-d44f8336b516%2Fzedhsra_processed.png&w=3840&q=75)
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