Mary, Jill, Paula, and Petra formed Green Envy Co., a C corporation, on January 2, Year 1. Information regarding each sh
Posted: Fri Jul 01, 2022 8:48 am
Mary, Jill, Paula, and Petra formed Green Envy Co., a Ccorporation, on January 2, Year 1. Information regarding eachshareholder's contributions and stock ownership is provided at thelink below.
Shareholder
Property Contributed
Stock Received
Mary
$25,000 cash; property worth $65,000 ($40,000 basis)
40%
Jill
$15,000 cash; property worth $55,000 ($30,000 basis), withrelated liability of $22,000 assumed by the corporation
20%
Paula
Property worth $65,000 ($55,000 basis); received $10,000 in cashfrom corporation
25%
Petra
$9,000 in cash; property worth $42,000 ($7,000 basis), withrelated liability of $19,000 assumed by the corporation
15%
100%
complete the table below by entering the appropriate amounts inthe associated cells. show work
Shareholder
Property Contributed
Stock Received
Mary
$25,000 cash; property worth $65,000 ($40,000 basis)
40%
Jill
$15,000 cash; property worth $55,000 ($30,000 basis), withrelated liability of $22,000 assumed by the corporation
20%
Paula
Property worth $65,000 ($55,000 basis); received $10,000 in cashfrom corporation
25%
Petra
$9,000 in cash; property worth $42,000 ($7,000 basis), withrelated liability of $19,000 assumed by the corporation
15%
100%
complete the table below by entering the appropriate amounts inthe associated cells. show work