1. Waters Corporation is an S corporation with two equal shareholders, Mia Jones and David Kerns. This year, Waters recorded the following items of income and expense Sales revenue $ 500,000 Interest income 6,000 Long-term capital gain 10,000 Cost of goods sold (250,000) Salary and wages (75,000) Other operating expenses (55,000) Waters distributed $25,000 to each of its shareholders during the year. If Mia's adjusted tax basis in her S corporation interest was $50,000 at the beginning of the year, compute her adjusted tax basis in her S corporation interest at the end of the year