Complete the taxpayer's current adjusted basis in the property described for each of the following situations using the information below. Enter the appropriate amounts in the designated cells below. Enter all amounts as positive values. If no entry is necessary, enter a zero (0). Situation Basis Mr. Blonde acquired a building to use in his business. The purchase price was $650,000, which he paid for by assuming the remaining $500,000 on the seller's mortgage and with $150,000 cash. He also paid $5,000 in attorney fees, $7,600 for a flood insurance policy, and $1,600 in title fees