Problem NO: 7

In year 0, Longworth Partnership purchased a machine for $40,000 to use in its business. In year 3, Longworth sold the machine for $35,000. Between th

In year 0, Longworth Partnership purchased a machine for $40,000 to use in its business. In year 3, Longworth sold the machine for $35,000. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $22,000. 

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a. What are the amount and character of the gain or loss Longworth will recognize on the sale? 

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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 $45,000? 

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c. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased to $15,000? 

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