Ms. Shlemeel would like to transfer the following business assets from her proprietorship to a corporation wholly owned by her on a completely tax deferred basis. She would also like to transfer the accounts payable from her proprietorship of $15,000. As consideration, she would like to receive cash of $35,000 and preferred shares redeemable for $110,000 The corporation retails specialty coffees. Coffee Inventory: Cost = $37,000 FMV = $40,000 Brewing Equipment: Cost = $80,000 UCC = $46,000 FMV = $49,000 Goodwill: Cost = Nil UCC = Nil FMV = $71,000 Required: Please determine the optimal elected value and consideration received for each asset based on the total requested consideration Determine the adjusted cost base and paid up capital of the share consideration? Using the same information above, if Ms. Shlemeel wanted to have a larger note payable as consideration, advise the maximum amount of cash she could receive without incurring a tax liability?