LO.4 Yvonne and Simon form lon Corporation. Yvonne transfers equipment (basis of $110,000 and fair market value of $165,000). Simon invests $130,000 of cash. They each receive 100 shares in Ion Corporation, worth $130,000, but Yvonne also receives $35,000 of cash from lon. Calculate lon Corporation's basis in the equipment. In addition, determine Yvonne and Simon's basis in the Ion stock.