Mike, Mary. Moe, and Melinda are knowledgeable about construction. They have decided to pool their knowledge and resources to form Design Builds Inc., a C corporation. They will provide custom construction services to area businesses and homeowners. All participants expect to work full time for Design Builds, and each expects to contribute sufficient assets to become a 25% shareholder with a total stock equity of $100,000 each. The assets contributed by each shareholder, along with any related liabilities assumed by the corporation, are provided in the exhibit. For the shareholders Mike in Design Builds Inc., determine the gain realized, gain recognized, and tax basis of the shares. Enter the amount for each item in the associated cells in the table below. If a response is zero, enter a zero (0). Sharcholder Contributions to Designs Builds Inc. Cash paid to shareholder by corporation FMV of noncash property contributed Basis in noncah Cash Liability assumed by corporation property contributed contributed Shareholder 20,000 100,000 120,000 Mike 50,000 50,000 80,000 130,000 Mary 20,000 100,000 Moe 30,000 50,000 40,000 170,000 Melinda Mike Realized Gain Boot Received Recognized Gain Tax Basis in Shares Corp. Basis in Property