Coconut, Plum, and Mulberry form Fruit Corporation with the following transfers. ADJUSTED BASIS FAIR MARKET VALUE From Coconut Cash 116,000 116,000 Inventory 70,000 98,000 From Plum Land and building 120,000 253,000 From Mulberry Accounting services to incorporate 44,0000 Equipment 80,000 85,000 Fruit Corporation issues its 800 shares of stock as follows: 288 to Coconut, 336 to Plum, and 176 to Mulberry. In addition, Plum gets $42,000 cash. Instructions: Answer each of the following questions. Explain your answers. Show and label your calculations. 1. Does Coconut recognize gain or income? 2. What basis does Coconut take in the Fruit Corporation stock? 3. What basis does Fruit Corporation take in the inventory? 4. Does Plum recognize gain or income? 5. What basis does Plum take in the Fruit Corporation stock? 6. What basis does Fruit Corporation take in the land and building? 7. Does Mulberry recognize a gain or income? 8. What basis does Mulberry take in the Fruit Corporation stock? 9. What basis does Fruit Corporation have in the equipment? Please explain how you got each answer in detail and label the calculations. Thank you