The following facts are given regarding a sole proprietor transferring the assets of his business to a new corporation: Cash Accounts Receivable Less: Allowance for Bad Debts Building Less: Accum. Depreciation Accounts Payable Mortgage Payable Based upon the above information: Balance Sheet Adj. Basis FMV $50,000 $50,000 50,000 50,000 (5,000) (5,000) 575,000 600,000 (50,000) 50,000 50,000 200,000 200,000 1. Prepare a beginning Balance Sheet for the new corporation. 2. What is the shareholder's basis in the stock received? 3. What is the shareholder's basis in the stock received if the Mortgage Payable is $600,000? 4. What is the value of the Assets in the Balance Sheet in #3? (Construct a new balance sheet if necessary.)