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 $980,000 for Oxford, which has the following accounts:

	Fair Value	Tax Basis
Accounts receivable	$	162,000		$	162,000
Inventory		177,000			177,000
Land		155,000			155,000
Buildings		197,500			151,000
Equipment		262,500			208,000
Liabilities		(238,000	)		(238,000	)

Required:

What amount of deferred tax liability arises in the acquisition?

What amounts will be used to consolidate Oxford with King's Road at the date of acquisition?

On a consolidated balance sheet prepared immediately after this takeover, how much goodwill should King's Road recognize? Assume a 21 percent effective tax rate.

Deferred tax liability Deferred tax liability \begin{tabular}{|l|l|} \hline & Amount \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} Goodwill