Geoffrey Corporation is owned 80% by Zylog Corporation and 20% by Ross Griffin, a Geoffrey employee. A preliquidation balance sheet for Geoffrey is presented below: (Click the icon to view the balance sheet.) (Click the icon to view additional information.) Requirement What are the tax consequences of the liquidation to Ross Griffin, Zylog Corporation, and Geoffrey Corporation? What are the tax consequences of the liquidation to Geoffrey Corporation? Begin by computing the gain or loss recognized for each asset for Geoffrey Corporation. (Complete all input fields. Enter a "O" for amounts with a zero value. Use parentheses or minus sign for a loss. Do not round intermediary calculations.) Gain or loss recognized i Data Table Inventory Equipment Land Assets FMV Besls S S Total Cash Inventory Equipment 200.000 700.000 200,000 270,000 130,000 440,000 140.000 350,000 Land S Total 1,040,000 S 1,390,000 Liabilities & Equity S 180.000 Accounts payable Bonds payable to Zylog Common stock S 180,000 350,000 310,000 200,000 S 1,040,000 350,000 860,000 Retained earnings (and E&P) 19.00 S 1.390.000 Total Print Done Enter any number in the edit fields and then click