Diego transfers real estate with an adjusted basis of $421,800 and fair market value of $590,520 to a newly formed corporation in exchange for 100% of the stock. The corporation assumes the liability on the transferred real estate in the amount of $501,942. Determine Diego's recognized gain on the transfer and the basis for his stock. If amount is zero, enter "O". Diego has a recognized gain on the transfer of $ and a basis of $ for his stock