Required information Problem 8-40 (LO 8-2) (Algo) [The following information applies to the questions displayed below.] Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values and adjusted bases: Inventory Building Land Total FMV $ 64,000 480,000 736,000 $1,280,000 Adjusted Basis $ 32,000 320,000 960,00 $1,312,000 The corporation also assumed a mortgage of $100.000 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $1,180,000. The transaction met the requirements to be tax-deferred under $351. (Negative amount should be indicated by o minus sign. Leave no answer blank. Enter zero if applicable.) Problem 8.40 Part g (Algo) Assume the corporation assumed a mortgage of $1,380.000 attached to the building and land. Assume the fair market value of the building is now $800,000 and the fair market value of the land is $1696,000. The fair market value of the stock remains $1,180,000, g. What is the corporation's adjusted basis in each of the assets received in the exchange? (Do not round intermediate calculations.) Inventory $ Land Adjusted basis Building 05 0