The DELS partnership was formed by combining individual accounting practices on May 10, 20X1. The initial investments were as follows: Current Value Tax Basis Delaney: Cash Building Mortgage payable, assumed by DELS Engstrom: Cash $ 8,500 $ 8,500 60,200 37,800 33,900 37,800 9.300 9,300 office furniture 23,300 1,700 Note payable, assumed by DELS 10,600 16,600 Lahey: Cash 13,300 13,300 Computers and printers 18,600 21,800 Note payable, assumed by DELS 15,600 15,600 Simon: Cash 21,300 Library (books and periodicals) 7,200 21,300 5,200 Required: a. Prepare the journal entry to record the initial investments using GAAP accounting. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) Journal entry worksheet < A Record the initial investments in DELS partnership. Note: Enter debits before credits. Event 1 General Journal Debit Credit b. Calculate the tax basis of each partner's capital if Delaney, Engstrom, Lahey, and Simon agree to assume equal amounts for the payables. Delaney Engstrom Lahey Simon Total