Reference no: EM132607269
King's Road recently acquired all of Oxford Corporation's stock and is now consolidating the financial data of this new subsidiary. King's Road paid a total of $1,000,000 for Oxford, which has the following accounts:
Fair Value Tax Basis
Accounts receivable $205,000 $205,000
Inventory 139,000 139,000
Land 118,000 118,000
Buildings 292,500 232,000
Equipment 268,250 214,000
Liabilities (270,000) (270,000)
Question a. What amount of deferred tax liability arises in the acquisition?
Question b. What amounts will be used to consolidate Oxford with King's Road at the date of acquisition?
Question c. On a consolidated balance sheet prepared immediately after this takeover, how much goodwill should King's Road recognize?
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