Mark, John, Paul, and Peter formed Applesauce Co., a C corporation, on January 2, Year 1. Information regarding each shareholder's contributions and stock ownership is provided below.

Using the information provided, complete the table in Part 1 of the Excel spreadsheet (and pictured below) by entering the appropriate amounts in the associated cells. Enter gains as positive values and losses as negatives values. If a value is zero, enter a zero.

Shareholder Property Contributed Stock Received Mark $20,000 cash; property worth $60,000 ($40,000 basis) 40% John 20% $10,000 cash; property worth $50,000 ($30,000 basis), with related liability of $20,000 assumed by the corporation Paul Property worth $60,000 ($50,000 basis); received $10,000 in cash from corporation 25% Peter 15% $10,000 in cash; property worth $40,000 ($5,000 basis), with related liability of $20,000 assumed by the corporation 100% 1 Shareholder Gain Shareholder Gain Realized Recognized Shareholder Tax Basis in Stock Corporation's Tax Basis in Noncash Property Received From Shareholder 2 Mark 3 John 4 Paul 5 Peter Shareholder Property Contributed Stock Received Mark $20,000 cash; property worth $60,000 ($40,000 basis) 40% John 20% $10,000 cash; property worth $50,000 ($30,000 basis), with related liability of $20,000 assumed by the corporation Paul Property worth $60,000 ($50,000 basis); received $10,000 in cash from corporation 25% Peter 15% $10,000 in cash; property worth $40,000 ($5,000 basis), with related liability of $20,000 assumed by the corporation 100% 1 Shareholder Gain Shareholder Gain Realized Recognized Shareholder Tax Basis in Stock Corporation's Tax Basis in Noncash Property Received From Shareholder 2 Mark 3 John 4 Paul 5 Peter