Chapter 16, Problem 16.4P

Can you please give me true answer this general accounting question?

Please provide this question solution accounting

Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $150,000, and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $76,000 and was appraised at $220,000. The land was also encumbered with a $76,000 nonrecourse mortgage for which no one was personally liable. All three partners agreed to split profits and losses equally. At the end of the first year, Blue Bell made a $11,000 principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information: Sales revenue Cost of goods sold Operating expenses Long-term capital gains §1231 gains Charitable contributions Municipal bond interest Salary paid as a guaranteed payment to Deanne (not included in expenses) $ 530,000 442,000 102,000 3,000 600 300 300 3,000 equired: Compute the adjusted basis of each partner's interest in the partnership immediately after the…