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In year 0, Longworth Partnership purchased a machine for $53,000 to use in its business. In year 3, Longworth sold the machine for $42,400. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $22,800. Note: Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.   Problem 3-41 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 to $18,500?

In year 0, Longworth Partnership purchased a machine for $53,000 to use in its business. In year 3, Longworth sold the machine for $42,400. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $22,800. Note: Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.   Problem 3-41 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 to $18,500?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 3-41 (LO 3-3, LO 3-4) (Algo)

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[The following information applies to the questions displayed below.]

In year 0, Longworth Partnership purchased a machine for $53,000 to use in its business. In year 3, Longworth sold the machine for $42,400. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $22,800.

Note: Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.

 

Problem 3-41 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 to $18,500?

 

 

 

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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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