In the current year, Hubert and Flora form Entity Company by each contributing $60,000 to the company in exchange for a 50% ownership interest. In addition, the company borrows $50,000 from First Bank. In the current year, the company incurs a $130,000 loss from operations. Read the requirements. Requirement a. How much of the loss can each partner deduct in the current year if Entity is a partnership, and what is each partner's basis in his or her partnership interest at the end of the year? Calculate each partner's basis in his or her partnership interest at the end of the year. (If an input field is not used in the table leave the input field empty; do not select a label or enter a zero.) Requirement b. How much of the loss can each shareholder deduct in the current year if Entity is an S corporation, and what is each shareholder's basis in his or her stock at the end of the year? (Complete all input fields. Enter a 0 for amounts with a zero balance.) Requirements a. How much of the loss can each partner deduct in the current year if Entity is a partnership, and what is each partner's basis in his or her partnership interest at the end of the year? b. How much of the loss can each shareholder deduct in the current year if Entity is an S corporation, and what is each shareholder's basis in his or her stock at the end of the year? In the current year, Hubert and Flora form Entity Company by each contributing $60,000 to the company in exchange for a 50% ownership interest. In addition, the company borrows $50,000 from First Bank. In the current year, the company incurs a $130,000 loss from operations. Read the requirements. Requirement a. How much of the loss can each partner deduct in the current year if Entity is a partnership, and what is each partner's basis in his or her partnership interest at the end of the year? Calculate each partner's basis in his or her partnership interest at the end of the year. (If an input field is not used in the table leave the input field empty; do not select a label or enter a zero.) Requirement b. How much of the loss can each shareholder deduct in the current year if Entity is an S corporation, and what is each shareholder's basis in his or her stock at the end of the year? (Complete all input fields. Enter a 0 for amounts with a zero balance.) Requirements a. How much of the loss can each partner deduct in the current year if Entity is a partnership, and what is each partner's basis in his or her partnership interest at the end of the year? b. How much of the loss can each shareholder deduct in the current year if Entity is an S corporation, and what is each shareholder's basis in his or her stock at the end of the year