Annie, Joey & Lily form Animal Corporation by contributing the following: Basis of Property FMV of Property Number of Shares Cash Received by Transferred Transferred Issued Shareholder Annie-Transfers Inventory 40,000 85,000 40 5,000 Joey - Equipment (Cost 50,000-Depreciation 35,000 82,000 40 2,000 Taken 15,000 Lily - Cash 40,000 40,000 20 -O- Based on the information above, calculate Annie, Joey & Lily's basis in the Animal Corporation stock and any gain or loss recognized. Also indicate Animal Corporation's basis in the property transferred