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Problem 09.42 (LO 09.2) (Algo) [The following information applies to the questions displayed below.] When High Horizon LLC was formed, Maude contributed the following assets

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Problem 09.42 (LO 09.2) (Algo) [The following information applies to the questions displayed below.] When High Horizon LLC was formed, Maude contributed the following assets In exchange for a 25 percent capital and profits Interest in the LLC: *Nonrecourse llability secured by the land equals $167,500 Hiro, Harold, and Sofiya each contributed $245,750 in cash for a 25 percent profits and capltal Interest. Note: Leave no answer blank. Enter zero if appllcable. Problem 09-42 Part e (Algo) e. Prepare a tax basis balance sheet for High Horizon LLC showing the tax capltal accounts for the members. Note: Enter any capltal account wlth a deblt balance as a negatlve amount

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