Paula's basis in her partnership interest is $60,000. In liquidation of her interest, the partnership makes a proportionate distribution to Paula of $20,000 cash and inventory (basis of $5,000 and value of $7,000). (Assume the partnership also liquidates.) If an amount is zero, enter "0". a. Complete the table below using the format of Concept Summary 11.2 to calculate the effects of the distribution Note: If you use Excel to set up the table, designate an input area for the amounts on lines 1, 2, 5, and 8. Code the formulas shown in the Calculations section of the concept summary to calculate the amounts in the remaining lines. You will use "sum," "min," "max," and "if/then/else" formulas Input Line 1 60,000 Partner's outside basis Step 1. Cash and deemed cash distributed Step 2. Partnership's basis in distributed hot assets Step 3. Partnership's basis in other distributed property Line 2 20,000 V Line 5 5,000 Line 8 Proportionate Liquidating Distribution Calculations Line 1 60,000 Partner's outside basis Step 1. Cash and deemed cash distributed Gain recognized by partner Partner's remaining outside basis Step 2. Partnership's basis in distributed hot Line 2 20,000 Line 3 Line 4 40,000 Line 5 5,000 assets Line 6 Partner's basis in distributed hot assets 5,000 V Line 7 35,000 V Partner's remaining outside basis Step 3. Partnership's basis in other distributed property Partner's basis in other distributed property Loss recognized by partner Line 8 Line 9 Line 10 35,000