Mira and Lemma are equal owners of an entity. Each contributed $120,000 cash to the entity. In addition, the entity obtains a loan of $480,000. The profits for the year are $144,000. 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 $ at the end of the year. b. If the entity is a C corporation, Mira and Lemma each have a basis of $ at the end of the year. c. If the entity is an S corporation, Mira and Lemma each have a basis of $ at the end of the year.