The DELS partnership was formed by combining individual accounting practices on May 10, 20XL The initial investments were as follows: Current Value Tax Basis $ 8,200 61,600 36,800 S 8,200 33.000 36,800 Delaney: Cash Building Mortgage payable, assumed by DELS Engstron: Cash Office furniture Note payable, assumed by DELS Lahey: Cash Computers and printers Note payable, assumed by DELS Simon: Cash Library (books and periodicals) 9,180 24,200 11,380 9,100 17,100 11,300 12,500 18,888 16,200 12,500 21,600 16, 200 22,300 7,380 22,300 5,300 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.) View transaction list Journal entry worksheet A > Record the initial investments in DELS partnership. b. Calculate the tax basis of each partner's capital Delaney, Engstrom, Lahey, and Simon agree to assume equal amounts for the payables Delaney Engstrom Lahay Simon Total