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Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 1 0 0 percent of the corporation

Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporations stock. The property transferred to the corporation had the following fair market values and adjusted bases:
FMV Adjusted Basis
Inventory $ 80,000 $ 40,000
Building 600,000400,000
Land 920,0001,200,000
Total $ 1,600,000 $ 1,640,000
The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market value of the corporations stock received in the exchange was $1,500,000. The transaction met the requirements to be tax-deferred under 351.(Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
Assume the corporation assumed a mortgage of $1,700,000 attached to the building and land. Assume the fair market value of the building is now $1,000,000 and the fair market value of the land is $2,120,000. The fair market value of the stock remains $1,500,000.
g. What is the corporations adjusted basis in each of the assets received in the exchange? (Do not round intermediate calculations.)

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