On January 1, 2016, Ace purchased 100% of the stock of another company, King Manufacturing, Inc. for $10,000,000. Ace made a Section 338(h)10 election for the acquisition. Accordingly, the assets and liabilities were stepped up for tax purposes. The acquisition fair value allocation for assets and liabilities are as follows. Required: Determine the income tax journal entries to be recorded for the acquisition at the date of acquisition. Provide your computations and analysis of goodwill components following ASC 805 and ASC 740. Determine the income tax joumal entries to be reflected in the 2016 annual financial statements for the acquisition. Provide an updated analysis of goodwill components following ASC 805 and ASC 740. Assume a 35% Tax Rate Hint: Make all your adjustments to Goodwill related to any book-to-tax differences on acquired assets before your component analysis and your entries will include any amortization for the year and impact to DTA booked