Kings Road recently acquired all of Oxford Corporations stock and is now consolidating the financial data of this new subsidiary. Kings 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 262,750 208,000 Liabilities (238,000 ) (238,000 ) Note: Parentheses indicate a credit balance.

What amount of deferred tax liability arises in the acquisition? Deferred tax liability: