Based on the Balance Sheet that you created on Question # 2 in the Chapter 4 Case Study (attached):

Create a schedule of the allocation of the recourse loan among each partner (Alex and Betty).

Create a schedule of the allocation of the nonrecourse loan among each partner.

Balance Sheet Question # 2 Cash Building - Alex Building - Betty Land Intangibles Assets Tax Basis 1,255,000.00 1,667,812.00 2,038,066.25 325,000.00 30,000.00 5,315,878.25 Book - FMV 1,255,000.00 2,578,000.00 2,600,000.00 425,000.00 30,000.00 6,888,000.00 Recourse Liability Nonrecourse Liability 775,000.00 2,127,000.00 775,000.00 2,127,000.00 Capital Alex Betty Liab & Capital 1,082,812.00 1,331,066.25 5,315,878.25 1,993,000.00 1,993,000.00 6,888,000.00 The balance sheet is based off the journal entires that were posted to record the formation of the partnership Balance Sheet Question # 2 Cash Building - Alex Building - Betty Land Intangibles Assets Tax Basis 1,255,000.00 1,667,812.00 2,038,066.25 325,000.00 30,000.00 5,315,878.25 Book - FMV 1,255,000.00 2,578,000.00 2,600,000.00 425,000.00 30,000.00 6,888,000.00 Recourse Liability Nonrecourse Liability 775,000.00 2,127,000.00 775,000.00 2,127,000.00 Capital Alex Betty Liab & Capital 1,082,812.00 1,331,066.25 5,315,878.25 1,993,000.00 1,993,000.00 6,888,000.00 The balance sheet is based off the journal entires that were posted to record the formation of the partnership