Required information [The following information applies to the questions displayed belowj Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $300,000 in return for 50 percent of the corporation's stock. Hermione contributed a building and land with the following fair market values and adjusted basis in return for 50 percent of the corporation's stock: Tax- Adiusted FMV 160,000 Basis Building Land Total 40,000 240,000160,000 $400,000 $200,000 To equalize the exchange, Wizard Corporation paid Hermione $100,000 in addition to her stock. (Leave no answer blank Enter zero if applicable. Negative amounts should be indicated by a minus sign.) e. What adjusted basis does Wizard Corporation take in the land and building received from Hermione? (Do not round intermediate calculations.) Land Building Adjusted $ 60,000 x S 240,000