Catherine sold a property to her wholly owned corporation using ITA 85(1). The property had an adjusted cost base (ACB) of $200,000 and a fair market value (FMV) of $350,000 at the time of the sale. The property was mortgaged for $70,000. As consideration for the sale, Catherine received cash of $280,000 and preferred shares with legal capital of $20,000. The corporation assumed the mortgage. Which one of the following is the elected transfer price (first) and the ACB of the preferred shares (second) as a result of ITA 85(1)