Check my work 7 Required information [The following information applies to the questions displayed below.) Part 5 of 5 When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC: points Basis Fair Market Value Skipped Maude: Cash Land* Totals $ 20,000 100,000 $ 120,000 $ 20,000 360,000 $ 380,000 eBook *Nonrecourse liability secured by the land equals $160,000. James, Harold, and Jenny each contributed $220,000 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) Print References e. Prepare a tax basis balance sheet for High Horizon LLC showing the tax capital accounts for the members. (Enter any capital account with a debit balance as a negative amount.) High Horizons, LLC Tax Basis Balance Sheet Tax Basis Assets: Cash Land Totals Liabilities and capital: Mortgage debt Capital-Maude Capital-James Capital-Harold Capital-Jenny Totals