Required information [The following information applies to the questions displayed below.] Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $160,000 in return for 50 percent of the corporation's stock. Hermione contributed a building and land with the following fair market values and adjusted bases in return for 50 percent of the corporation's stock: Building Land Total FMV $104,000 156,000 $260,000 Tax- Adjusted Basis $ 26,000 104,000 $130,000 To equalize the exchange, Wizard Corporation paid Hermione $100,000 in addition to her stock.