Jimmy, Kim, and Francesca form WML Corporation by contributing the following: Adjusted basis Fair market value Jimmy: Cash 120,000 120,000 Inventory 90,000 130,000 Kim: Building 120,000 250,000 50,000 Francesca: Accounting services Jimmy receives 50% stock (FMV $250,000), Kim receives 40% stock (FMV $200,000), and Francesca receives 10% stock (FMV $50,000). In addition, Kim receives $50,000 cash from the corporation. (a) What is the amount of recognized gain (or income) for Jimmy, Kim, and Francesca? (b) What basis does Jimmy, Kim, and Francesca have in their WML stock? (c) Assume that other facts above do not change, but the value of Francesca's accounting services is $150,000, such that she receives 25% of the corporation's stock, how does your answer to part (a) change? i.e., what is the amount of recognized gain (or income) for Jimmy, Kim, and Francesca?