Mandy and Jun form Foster Corporation. Mandy transfers land (basis $30,000 and FMV $70,000). Jun invests cash ($60,000). They each receive 50 shares in Foster worth $60,000, but Mandy receives $10,000 in cash from Foster. Determine (1) Mandys basis in Foster stock and (2) Fosters basis in the land.

$30,000 and $60,000

$70,000 and $60,000

$60,000 and $40,000

$30,000 and $40,000