John and Linda form the J&L Partnership. John contributes cash of $36,000 for a 40 percent interest in the partnership. Linda contributes equipment worth $54,000 with an adjusted basis of $17,500 for a 60 percent partnership interest. If an amount is none or zero, enter "0". 1. What is John's recognized gain or loss on the contribution? 2. What is John's basis in his partnership interest? 3. What is Lunda's recognized gain or loss on the contribution? 4. What is Linda's basis in her partnership interest? 5. What is 18L Partnership's basis in the equipment received from Linda?