Required information The following information applies to the questions displayed below. Megan and Matthew are equal partners in the J & J Partnership (calendar year-end entity). On January 1 of the current year, they decide to liquidate the partnership. Megan's basis in her partnership interest is $116,000 and Matthew's is $41,400. The two partners receive identical distributions, with each receiving the following assets Tax Basis FMV Cash Inventory Land Totals $34,000 $34,000 7,400 900 8,560 1,480 $42,300 $44,040 (Leave no answer blank. Enter zero if applicable.) b. What is Megan's basis in the distributed assets? Basis 34,000 InventoryS7,460 Cash S 74,600 Land