Villanueva Games, a newly formed corporation, is authorized to issue 1,000 common shares. Ibrahim Guerra transferred land with a fair market value of $200,000 and an adjusted basis of $80,000 to the corporation in exchange for 900 shares worth $180,000. Jakayla Khan transferred equipment with a fair market value of $20,000 and an adjusted basis of $4,000 in exchange for 100 shares worth $20,000. How much gain does each one have to recognize? a. Ibrahim does not have to recognize any gain; Jakayla has to recognize $16,000 of gain. b. Ibrahim has to recognize $120,000 of gain; Jakayla does not have to recognize any gain. c. Ibrahim has to recognize $120,000 of gain; Jakayla has to recognize $16,000 of gain. d. Neither Ibrahim nor Jakayla has to recognize any gain.