In January of 2004, Forrest and Bubba form Bubba-Gump Shrimp, a 50/50 partnership. Forrest contributes $10,000 and Bubba contributes a "shrimpin' boat" with a $10,000 FMV and a $5,000 adjusted basis. During 2004, the partnership realizes $54,000 of net income (before depreciation). The partnership also recognizes $1,500 of depreciation expense with respect to the boat that Bubba contributed. All partnership tax items are generally allocated equally to the partners, but, when necessary, the partnership uses the traditional method to allocate any items covered by Section 704(c). During the year each partner withdraws $30,000 in cash. In addition the partnership pays $1,000 of nondeductible life insurance premiums on policies whose cash surrender value increases $100 during the year. Compute the each partner's outside basis and each partner's capital account at the end of 2004.