Daniel Kwok transfers his business assets to a corporation and elects a value of $678,000 for the assets transferred. These assets have a fair market value of $1,250,000. Daniel receives the following consideration:Cash $150,000Preferred shares of the new corporation with a fair market value 500,000Common shares of the new corporation with a fair market value 600,000How will the elected value be allocated between: the non-share consideration, the preferred shares issued, and the common stock issued.

		$150,000; $0; $528,000
		$150,000; $500,000; $28,000
		$150,000; $528,000; $0
		$150,000; $264,000; $264,000