VGet It Right, CPAs, has been retained to review its client's corporate formation calculations for 20XX. Maria, Roger, and Novak created Grassroots Tennis, Inc. (GTI), which began operations on March 1, 20XX. Maria contributed four assets in exchange for 40% of GTI stock. Roger performed recruiting services before operations began in exchange for 15% of GTI stock. Novak contributed cash in exchange for 35% of GTI stock and contributed bookkeeping services after operations began in exchange for 10% of GTI stock. One thousand (1,000) shares were issued. Documentation for the contribution of assets and services can be found in the Exhibits above. After an initial review of the documentation, a staff associate from GTI has drafted a letter to Maria. Kate, a partner in charge of the GTI engagement, has asked you to review the documentation and revise the letter, correcting any errors