S Question 5 (14 marks total) Pace Company has acquired 80% of the voting shares of Step Company for $1,400,000. Step Company's net assets at acquisition were $1,000,000. Some of Step' s assets and liabilities on the acquisition date are shown below. Inventory Accounts Cost Accumulated Depreciation $90,000 n/a 100,000 n/a Tax Basis (UCC) Fair Market Value $90,000 $80,000 100,000 100,000 230,000 n/a 340,000 230,000 850,000 220,000 1,350,000 440,000 70,000 70,000 Receivable Land Building Accounts Payable 70,000 n/a Deferred tax liability You will need to calculate the n/a existing deferred tax liability. T