On March 31, 2020, the book and tax "balance sheet" of the ABC partnership was as follows: I/S Book O/S Book Cash 160,000 160,000 Liabilities N/A 0 Inventory 87,000 87,000 A Capital 155,000 155,000 Land #1 125,000 125,000 B Capital 155,000 155,000 Land #2 93,000 93,000 C Capital 155,000 155,000 The FMV of the partnership's assets as of March 31, 2020 were as follows: Cash $160,000; Inventory, $120,000; Land #1, $190,000 and Land #2, $145,000. Assume Arlene agrees to leave the partnership and is willing to accept $20,000 of Cash, Inventory (FMV $40,000 and I/S Basis $29,000) and Land #2 (FMV of $145,000 and I/S Basis $93,000) in exchange for her entire interest in the partnership. What are the two (2) journal entries required to be made on the books of the partnership as a result of the liquidation of Arlene's interest in the partnership? Make the journal entries. Is the distribution to Arlene in liquidation of her interest proportionate or disproportionate? Explain your answer. Regardless of your answer to part (b), above, assume for the purpose of this part that the distribution to Arlene is a proportionate distribution. What is the amount and character of the gain, if any, that Arlene must recognize in connection with the partnership's distribution of the Cash, Inventory and Land #2 to her? Explain your answer. Regardless of your answer to part (b), above, assume for the purpose of this part that the distribution to Arlene is a proportionate distribution. What is Arlene's basis in the Inventory and Land #2? Explain your