Cruella Inc received a piece of land from Emma Stone with a market value of $240,000 and a cost base of $160,000 to Emma. In return for the property, she received a note payable for $70,000,25 preferred shares with a fair market value of $100,000 and 80 common shares with a fair market value of $70,000. The transfer value was jointly elected at $160,000. What was the adjusted cost base of the preferred and common shares, respectively? $90,000 and nil nil and $90,000 $100,000 and $70,000 $80,000 and nil