Tupper and Tolin have decided to form a partnership to provide environmental testing services to industry. The individuals will share profits equally...

Tupper and Tolin have decided to form a partnership to provide environmental testing services to industry. The individuals will share profits equally and have conveyed the following assets and liabilities to the partnership: Required:1-Calculate the tax basis and the book basis of each partner in the partnership.Prepare the journal entry necessary to record the parents’ contributions.