Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation’s stock. the property transferred to the corporation had the following fair market values and tax bases: tax fmv basis inventory $ 20,000 $ 10,000 building 150,000 100,000 land 230,000 70,000 total $ 400,000 $ 180,000 the corporation also assumed a mortgage of $200,000 attached to the building and land. the fair market value of the corporation’s stock received in the exchange was $220,000. the exchange met the requirements to be tax-deferred under §351. (negative amounts should be indicated by a minus sign. leave no answer blank. enter zero if applicable.) problem 13-46 part a a. what amount of gain or loss does zhang recognize on the transfer of the property to her corporation?

Listed below are several transactions that took place during the first two years of operations for the law firm of pete, pete, and roy.year 1 year 2amounts billed to clients for services rendered $ 170,000 $ 220,000 cash collected from clients 160,000 190,000 cash disbursements salaries paid to employees for services rendered during the year 90,000 100,000 utilities 30,000 40,000 purchase of insurance policy 60,000 0 in addition, you learn that the company incurred utility costs of $35,000 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period.required: 1. & 3. calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the company would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.2. prepare an income statement for each year according to the accrual accounting model.