You are a partner in a local accounting firm and have been engaged by andy taylor and floyd barber to assist them in starting a new business. this business will sell new and used bicycles to the general public. andy has been successfully selling bicycles out of his garage and believes that he needs a retail store to grow the business. floyd owns a building that has been vacant for several years and has been looking for a business in which to invest. they are trying to decide if they should incorporate or form a partnership. they have asked you to prepare a short presentation for them that will explain the pros and cons of corporations and partnerships (your answer should not be limited to just tax considerations). both plan to devote an equal amount of time to the business and share any profits or losses equally. your presentation should conclude with your recommendation of the entity that they should adopt based on the facts as presented to you. you should list three primary reasons for your recommendation. in addition to your presentation you should prepare a memorandum to them explaining the basis each of them will have in the partnership or corporation as well as the basis of the assets and liabilities to the partnership or corporation. include references and citations supporting your determination of basis of each asset and liability. andy will contribute the following: cash $10,000 accounts receivable $5,000 inventory of bicycles at cost $22,000 (sales value = $48,000) accounts payable $2,000.floyd will contribute the following: cash $15,000 land at cost $10,000 (market value $15,000) building cost $ 120,000 (market value $80,000) useful life 40 years residual value $20,000 accumulated depreciation to date $5,000 (2 years @ straight line method) mortgage payable $70,000, interest only, payable monthly, balance due in 8 years. your presentation can be in powerpoint or any presentation software. your memorandum should be in a word file.