On incorporation of X Ltd$.1,000$ common shares were issued to Anne Rees for $$1,000.$ At the

beginning of Year $2,800$ common shares of X Ltd$.$ were issued to Bill Delacruz for $$8,000,$ the

fair market value of the shares on that date. At the end of Year $3,500$ Class A preferred shares of

X Ltd$.$ were issued to Carl Bray for $$7,000,$ the fair market value of the preference shares on that

date.

At the end of Year $3,$ determine the following:

a$)$ The paid$-$up capital $($PUC$)$ of the common shares and the preference shares of X Ltd$.$

b$)$ The PUC and adjusted cost base of the shares of X Ltd$.$ owned by each of Anne, Bill and

Carl.