5) At the beginning of the year, Missy, Renee and IDA formed MRI Corporation as an S corporation. For one-third of the MRI stock, Missy contributed $60,000 cash and land with a fair market value of $90,000 and adjusted tax basis of $70,000. The land was subject to a $40,000 mortgage, which was assumed by MRI on the formation. Renee and Ida each contributed $85,000 cash to MRI for one-third of the MRI stock. What is Missy's basis in the MRI stock after the formation? What is Renee's basis in her MRI stock after the formation?