X and Y form the XY Partnership. X has a 60 percent interest in capital, profits, and losses; Y has 40 percent. X contributes land with a fair market value of $140,000 and a mortgage balance of $20,000. He acquired the land 5 years ago for a total purchase price of $90,000. The mortgage balance, along with the land, is transferred to the partnership. Y contributes $80,000 cash. Calculate X's basis in the partnership AND Y's basis in the partnership. SHOW WORK FOR PARTIAL CREDIT.