Lake Company had the following balance sheet on December 31, 20x1, when was acquired for $373.000 in cash by Atlantic Corporation Lake Company Balance Sheet December 31, 20X1 ities and Equity $76.000 Current assets Equipment (net) Building (net) $110.000 120.000 180,000 l Curren ties Stockholders' equity Common stock ($2 par) Retained earnings Total Babies and equity $100,000 234.000 Total assets $410.000 34.000 5.410.000 All assets have fair values equal to their book values. The combination is structured as a tax free exchange Lake Company has a tax loss carryforward of $102.000, which it has not recorded the balance of the $102.000 tax loss carryover is considered fully realizable Atlantic is taxed at a rate of 40% Required: 1. Compute the amount of Deferred Taxass (DTA) of Deferred Tax Liability (DTL) for the tax loss carryforward Label the correctly as a DTA or DTL 16 Points) 2 Does Lake Company record Goodwill or uns Acquisition on this purchase ansaction? 6 Points) 3. Record the acquisition of Lake Company by Atlantic Corporation taking into account the effect of above tax loss carryforward. (12 points) Lake Company had the following balance sheet on December 31, 20x1, when was acquired for $373.000 in cash by Atlantic Corporation Lake Company Balance Sheet December 31, 20X1 ities and Equity $76.000 Current assets Equipment (net) Building (net) $110.000 120.000 180,000 l Curren ties Stockholders' equity Common stock ($2 par) Retained earnings Total Babies and equity $100,000 234.000 Total assets $410.000 34.000 5.410.000 All assets have fair values equal to their book values. The combination is structured as a tax free exchange Lake Company has a tax loss carryforward of $102.000, which it has not recorded the balance of the $102.000 tax loss carryover is considered fully realizable Atlantic is taxed at a rate of 40% Required: 1. Compute the amount of Deferred Taxass (DTA) of Deferred Tax Liability (DTL) for the tax loss carryforward Label the correctly as a DTA or DTL 16 Points) 2 Does Lake Company record Goodwill or uns Acquisition on this purchase ansaction? 6 Points) 3. Record the acquisition of Lake Company by Atlantic Corporation taking into account the effect of above tax loss carryforward. (12 points)