Exercise 13-28 (Algorithmic) (LO. 5) Mira and Lemma are equal owners of an entity. Each contributed $111,000 cash to the entity. In addition, the entity obtains a loan of $444,000. The profits for the year are $133,200. Determine Mira and Lemma's basis of the ownership interest at the end of the period assuming the entity is a partnership, a C corporation, or a S corporation. a. If the entity is a partnership, Mira and Lemma each have a basis of $ b. If the entity is a C corporation, Mira and Lemma each have a basis of $ c. If the entity is an S corporation, Mira and Lemma each have a basis of $ at the end of the year. at the end of the year. at the end of the year. Roscoe contributes to a business entity a personal use asset with an adjusted basis of $61,200 and a fair market value of $110,160 on the date of the contribution. Determine whether Roscoe recognizes any gain or loss on the contribution, and determine the basis of the asset to the entity under each of the following circumstances. If the answer is zero enter '0'. a. Roscoe contributes the asset to a sole proprietorship. Does Roscoe recognize a gain or loss? Amount if gain or loss recognized: $ The sole proprietorship's basis for the asset is b. Roscoe contributes the asset to a partnership for 25% interest. Does Roscoe recognize a gain or loss? Amount if gain or loss recognized: $ The partnership's basis for the asset is $ c. Roscoe contributes the asset to a corporation for 40% interest. Assume that the control requirement is satisfied. Does Roscoe recognize a gain or loss? Amount if gain or loss recognized: $ The corporation's basis for the asset is $