Rivendell Corporation uses the accrual method of accounting and has the following assets as of the end of 2014. Rivendell converted to an S corporation on January 1, 2015.

Asset	Adjusted Basis			FMV
Cash	$	40,000		$	40,000
Accounts receivable		30,000			30,000
Inventory		130,000			60,000
Land		100,000			125,000
Totals	$	300,000		$	255,000

a.	What is Rivendells net unrealized built-in gain at the time it converted to an S corporation? (Leave no answer blank. Enter zero if applicable.)

b.	Assuming the land was valued at $200,000, what would be Rivendells net unrealized gain at the time it converted to an S corporation?

c.	Assuming the original land value but that the inventory was valued at $85,000, what would be Rivendells net unrealized gain at the time it converted to an S corporation? (Leave no answer blank. Enter zero if applicable.)