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Ron, John, & Mary have discussed and arranged forming a business together. Ron and Mary exchange the following for stock on Oct. 10; John makes his exchange on Nov. 1. Their ultimate ownership is as follows:Ownership Asset Basis Fair Market Value Ron (furniture)20%$15,000$40,000John (services)25%$0$50,000Mary (building)55%$40,000$110,000Total100%$55,000$200,000How much income/gain must be recognized by Ron, John, and Mary, respectively?a)$0, $0, $0b)$0, $50,000, $0c)$25,000, $50,000, $70,000d)$25,000, $0, $70,000

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