Bill and Claudette formed Cypress, a general partnership, by contributing the following assets in exchange for 50 percent capital and profits interests in the partnership: Bill: Basis Fair value Cash $10,000 $10,000 Machinery $50,000 $20,000 Total $60,000 $30,000 Claudette: Land $40,000 $80,000 Total $40,000 $80,000 What is Cypress's total basis in the contributed assets? O $100,000 O $70,000 $140,000 O $110,000