Show all steps: . Chapter 10, Problem 10E (1 Bockmark) Deferred Tax Assets and Liabilities Arising in Acquisition Power Corporation acquired 100 percent of Light Corporation in a nontaxable transaction. The folowing selected information is available for Light Corporation at the acquisition date Light Corporation Book Values Fair Values Tax Basis Accounts Receivable, net $30,000 28,000$30,000 Land 10,000 40,000 10.000 Equipment 20,000 15,000 5,000 Bond Payable 120.000 115,000 120,000 Light Corporation has never recorded an allowance for doubtul accounts; however, upon reMew of the accounts receivable detail. Power has determined that approximately $2,000 of the Several years ago, Light purchased a small plot of land for an expanded parking area that has never been developed. An outside party has recently offered to purchase the land for $40,000. Power estimated the value of the equipment acquired with Light to be 515,000 Light issued $120,000 in bonds (at par) two years ago. Since that tme, interest rates have changed, which has been reflected in the fair value of those bonds at the dae of acquisition The current and future tax rate for Power Light Consolidated is 40 percent Required Compute the amounts to be included in the consolidated balance sheet as defermed tax assets andi or liabilities as a result of the Light acquisition Step-by-step solution There is no solution to this problem yet