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Peace Corporation acquired 100 percent of Soft Inc. In a nontaxable transaction on December 31, 20X1. The following balance sheet Information Is available Immediately following the transaction: Peace Corporation Soft Inc. Book Value Fair Values Book Value Fair Values Cash $ 34,600 $12,609 $12,Gee Accounts Receivable, net 56,200 56,090 14,090 Inventory 75, eee 82,090 6,090 Deferred Tax Asset 10,209 5,090 Investment In Soft 82,200 82,000 Equipment, net 165,200 200,000 34,000 46,500 Patent 23,060 Total Assets $422, 206 $71,600 Accounts Payable $ 60, 809 $ 60,809 $10,800 $10,080 Accrued Vacation Payable 14,200 14,809 Deferred Tax Liability 5,000 3,000 ? Long-Term Debt 90,200 100,600 8,000 8,090 Common Stock 125, 200 9,000 Retained Earnings 128, Gee 41,600 Total Liabilities and Equity $422, GGG $71,600Additional Information 1. The current and future effective tax rate for both Peace and Soft Is 40 percent. 2. The recorded deferred tax asset for Peace relates to the book-tax differences arising from the allowance for doubtful Accounts and the Accrued vacation payable. The expenses associated with each of these amounts will not be deductible for tax purposes until the related accounts receivable are written off or until the employee vacation is actually paid out. 3. The recorded deferred tax asset for Soft Is related solely to the book-tax difference arising from the allowance for doubtful accounts. 4. The recorded deferred tax liability In both Peace and Soft relates solely to the book-tax differences arising from the depreciation of their respective equipment. 5. Accumulated depreciation on the financial accounting records of Peace and Soft Is $46,000 and $18,000, respectively. 6. The Soft patent was Identified by Peace In the due diligence process and has not previously been recorded In the accounting records of Soft. 7. The book and tax bases of all other assets and liabilities of Peace and Soft are the same. Required: a. Compute the tax bases of the assets and liabilities for Peace and Soft, where different from the amounts recorded In the respective accounting records.Answer is complete and correct. Peace Tax Basis Soft Tax Basis Calculations Calculations Tax basis of accounts receivable 67,000 5 28,500 Tax basis of accrued vacation payable Tax basis of equipment 152.500 5 28.500 Tax basis of patent b. Compute the fair value of the deferred tax assets and deferred tax liabilities for Soft.b. Compute the fair value of the deferred tax assets and deferred tax liabilities for Soft. Answer is complete but not entirely correct. Total DTA 5,000 related to Accounts Receivable Total DTL 20.000 x related to Inventory, Equipment, Patent