James sold a piece of land he owned to a corporation in which he is the sole shareholder using the provisions of ITA 85(1). The land is capital property, the ACB is $ 59 comma 800$59,800, and it had a FMV of $ 194 comma 000$194,000 at the time of the sale. The elected amount is $ 59 comma 800$59,800. As consideration for the property, he received a promissory note for $ 29 comma 800$29,800, preferred shares with a FMV of $ 110 comma 000$110,000, and common shares with a FMV of $ 59 comma 800$59,800. 

Which one of the following is the ACB of the preferred shares (first) and the ACB of the common shares (second)? Round your answers to the nearest cent as needed/

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