I am looking for answers for the attached accounting question.

INCOME TAXATION II (BACC 4002 001), CRN: 83337 Chapter 16 Graded Assignment Problem Problem 2 (Study Guide, page 441) Elijah Pitts operates a simple but profitable business as a proprietorship. Given the level of profits he is attaining, he would like to incorporate. The latest balance sheet of his proprietorship follows. Elijah Pitts Enterprises Balance Sheet (condensed version) (Tax value basis) December 31, 2015 Assets Cash Accounts receivable (trade) Office equipment (UCC) $ 5,000 15,000 10,000 $30,000 Liabilities Bank loan (operating) Accounts payable Proprietorship Equity $ 4,000 5,000 $ 9,000 $21,000 $30,000 He advises you that the current value of the office equipment is $12,000, that he fully expects to collect all of the receivables, and that the value of the goodwill is $20,000. If he does incorporate, he prefers to minimize any tax liability that incorporation might bring. Design in detail what you believe to be the optimum plan for transferring the assets to the corporation, including any section 85 rollover. Indicate the tax values of the assets owned by the corporation. Completion and submission requirements: Typewritten in MS Word or MS Excel. Online submission through \"Blackboard Submission Folder\" provided. Due for grading no later than Thursday, August 4, 2016, 8:00 a.m. No late submission will be accepted. The \"Blackboard Submission Folder\" will automatically deactivate after the submission deadline