please answer all parts a-d. and give a step by step

2-37 Section 357: Treatment of Liabilities. Each of the transfers below qualifies as a 351 transaction. In addition, the transferor is a cash basis taxpayer and the corporation assumes the liabilities involved in the transfer. For each transfer, compute the following: 1. Transferor's recognized gain. 2. Transferor's basis in the stock received. 3. Corporation's basis in each asset received. a. R transfers land worth $120,000 (basis of $60,000 ) and subject to a mortgage of $20,000 in exchange for stock worth $100,000. b. S transfers a crane worth $120,000 (basis of $40,000 ) and a $50,000 note payable secured by the crane in exchange for stock worth $70,000. c. Same facts as (b) above, except that the note was created two weeks before the transfer and S used the proceeds to take his wife on a vacation to the Virgin Islands. d. T transfers accounts receivable worth $12,000, dental equipment with a basis of $15,000, a $10,000 note payable secured by the equipment, and routine accounts payable for lab bills of $7,000 for stock worth $50,000. 2-37 Section 357: Treatment of Liabilities. Each of the transfers below qualifies as a 351 transaction. In addition, the transferor is a cash basis taxpayer and the corporation assumes the liabilities involved in the transfer. For each transfer, compute the following: 1. Transferor's recognized gain. 2. Transferor's basis in the stock received. 3. Corporation's basis in each asset received. a. R transfers land worth $120,000 (basis of $60,000 ) and subject to a mortgage of $20,000 in exchange for stock worth $100,000. b. S transfers a crane worth $120,000 (basis of $40,000 ) and a $50,000 note payable secured by the crane in exchange for stock worth $70,000. c. Same facts as (b) above, except that the note was created two weeks before the transfer and S used the proceeds to take his wife on a vacation to the Virgin Islands. d. T transfers accounts receivable worth $12,000, dental equipment with a basis of $15,000, a $10,000 note payable secured by the equipment, and routine accounts payable for lab bills of $7,000 for stock worth $50,000