Leo is contributing land which is currently encumbered by nonrecourse debt and no cash.

Mike is contributing his marketing services in exchange for a capital interest in the partnership and cash.

Donny is contributing custom$-$built machinery which is currently encumbered by nonrecourse debt and cash.

Raph is contributing a van which is currently encumbered by nonrecourse debt and cash.

$q,$

Required:

Complete the table using cell references.

$($HINT: Utilize IF functions to properly calculate Nonrecourse Debt Excess$)$

$\backslash$table$[[$Partner$\text{'}$s Initial Tax Basis Computation$],[,$Leo,Mike,Donny,Raph$],[$Land$,$$$48,000,,,],[$Machinery$,,,$$$34,000,],[$Services Rendered,,$$30,000,,],[$Van$,,,,$$$40,000$