Problem 18-15 (h) (L0. 4) Bailey, Meiko and Molly form a business entity with each contributing the following. Adjusted Fair Market Basis Value Bailey: Cash $105,000 $105,000 Meiko: Land $118,000 190,000 Molly: Services 20,000 Their ownership percentages will be as follows. Bailey 34% Meiko 50% Molly 16% Meiko's land has a $40,000 mortgage that is assumed by the entity. Molly is an attorney who receives her ownership interest in exchange for legal services. Determine the recognized gain to the owners, the basis for their ownership interests, and the entity's basis for its assets if the entity is organized as: If an amount is zero, enter "0". a. Entity: Partnership. Partnership Recognized Gain Partnership's Asset Basis Cash Land Organizational Costs b. Entity: C corporation. C corporation Recognized Sha reholders' Gain Basis 5-45: C Corporation's Asset Basis Cash Land Organizational Costs c. Entity: S corporation. S corporation Recognized Sha reholders' Gain Basis S Corporation's Asset Cash Land Organizational Costs