Required information [The following information applies to the questions displayed below.) Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $215,000 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: Building Land Total FMV 120,000 180,000 $300,000 Tax- Adjusted Basis 30,000 120,000 $150,000 To equalize the exchange, Wizard Corporation paid Hermione $85,000 in addition to her stock. (Leave no answer blank. Enter zero if applicable. Negative amounts should be indicated by a minus sign.) Assume Hermione's adjusted basis in the land was $300,000. i. What adjusted basis does Wizard Corporation take in the land and building received from Hermione? Land Building Adjusted basis Required information [The following information applies to the questions displayed below.) Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $215,000 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: Building Land Total FMV 120,000 180,000 $300,000 Tax- Adjusted Basis 30,000 120,000 $150,000 To equalize the exchange, Wizard Corporation paid Hermione $85,000 in addition to her stock. (Leave no answer blank. Enter zero if applicable. Negative amounts should be indicated by a minus sign.) Assume Hermione's adjusted basis in the land was $300,000. i. What adjusted basis does Wizard Corporation take in the land and building received from Hermione? Land Building Adjusted basis