Tia Kline, a resident of Canada, is the sole shareholder of KI Inc. She plans to transfer four assets, which she owns, to KI Inc. in exchange for cash and preferred shares of KI Inc. She wishes to receive the maximum amount in cash that she can receive and still defer the recognition of income for tax purposes on the transfer of the assets. Tia and KI Inc. will jointly make a Section 85 election for each of the assets. The following is the details of the assets: Required: Land Building Equipment Goodwill FMV ACB UCC $ 230,000 $ 115,000 10,350 46,000 46,000 $ 80,500 57,500 34,500 9,200 20,000 17,575 $ 401,350 $ 181,000 $ 84,275 For each of the four assets individually, state the amount that should be elected as proceeds under Section 85 of the Income Tax Act, state the amount of cash consideration, and state the value of the preferred shares Ms. Kline should accept as consideration for the assets Land Building Equipment Goodwill FMV ACB UCC Elected amount Preferred Cash Shares $ 230,000 $ 46,000 0 $ 0 $ 0 115,000 80,500 $ 57,500 46,000 23,000 10,350 34,500 9,200 1,346 8,004 46,000 20,000 17,575 21,620 8,425 $ 401,350 $ 181,000 $ 84,275 $ 68,966 $ 39,429 $ 0