Required information When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits...

b. 

c. 

d. 

e. (Enter any capital account with a debit balance as a negative amount.)

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Required information When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25percent capital and profits interest in the LLC: FairMarketBasis ValueMaude:Cash $ 41,000 $ 41,000Land* 129,500 391,750 Totals $170,500 $432,750 *Nonrecourse debt secured by the land equals $183,500 James, Harold, and Jenny each contributed $249,250 in cash for a 25 percent profits and capitalinterest. (Leave no answer blank. Enter zero if applicable.) a. How much gain or loss will Maude and the other members recognize? Gain or loss recognized ____