Answer in same format please

8 At the beginning of the current year, Gregory and Daniel formed the GD Partnership by transferring cash and property to the partnership in exchange for a partnership interest, with each having a 50% interest. Specifically, Gregory transferred property having a $60,000 FMV, a $26,000 adjusted basis, and subject to a $9,000 liability, which the partnership assumed. Daniel contributed $65,000 cash to the partnership. The partnership also borrowed $26,000 from the bank to use in its operations. All liabilities are recourse for which the partners have an equal economic risk of loss. During the current year, the partnership earned $21,000 of net ordinary income and reinvested this amount in new property. Read the requirements Requirement a. What is the partnership's and each partner's gain or loss recognized on the formation of the partnership? (Complete all answer boxes. If no gain or loss is recognized by a partner or the partnership, enter a "0".) Amount of Gain or Loss Gregory Daniel Partnership Requirement b. What is each partner's basis in his or her partnership interest at the end of the current year? Basis in Partnership Interest Individual Gregory Daniel Print Requirement c. For the partnership, prepare a tax and book balance sheet at the end of the current year. Begin by preparing the tax balance sheet. Then prepare the book balance sheet. Tax Book Cash Contributed property New Property Total assets Liabilities Capital accounts: Gregory Daniel Total liabilities and capital accounts Requirement d. Assume instead that Gregory and Daniel formed a corporation rather than a partnership. What is the corporations and each shareholder's gain or loss recognized on the formation of the corporation? What is each shareholder's basis in his or her stock at the end of the current year? Compute each shareholders' and the corporation's gain or loss. (Complete all answer boxes. If no gain or loss is recognized by a partner or the corporation, enter a "0".) Amount of Gain or Loss Gregory Daniel Corporation Now compute each shareholder's basis in his stock at the end of the current year. Basis in corporate stock Individual Gregory Daniel