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9 Required information The following information applies to the questions displayed below Part 1 of...

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Accounting

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9 Required information The following information applies to the questions displayed below Part 1 of 4 In year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the machine for $42,000. Behween the date of the purchase and the date of the sale, Canon depreciated the machine by $32,000. (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 (loss) Canon will recognize on the sale, assuming that it is a partnership? Character ol Recognized Gaint.oss) 1231 gainjoss) Air 3 6

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