Required information [The following information applies to the questions displayed below.) Rivendell Corporation uses the accrual method of accounting and has the following assets as of the end of 2020. Rivendell converted to an S corporation on January 1, 2021. (Leave no answer blank. Enter zero if applicable.) Adjusted Basis Cash Asset Accounts receivable Inventory Land Totals $ 54,000 44,000 FMV $ 54,000 151,000 128,000 $377,000 44,000 67,000 160,000 $325,000 b. Assuming the land was valued at $256,000, what would be Rivendell's net unrealized gain at the time it converted to an S corporation? Answer is complete but not entirely correct. S Net unrealized built-in gain 137,000