When Padgett Properties LLC was formed, Nova contributed land (value of $282,000 and basis of $70,500) and $141,000 cash, and Oscar contributed cash of $423,000. Both partners received a 50% interest in partnership profits and capital.a. How is the land recorded for § 704(b) book capital account purposes?For § 704(b) book capital account purposes, Padgett records the land at $..................?b. What is Padgett's tax basis in the land?$............?c. If Padgett sells the land several years later for $423,000, how much tax gain will Nova and Oscar report?Nova reports a $.............? gain and Oscar's gain is $................?