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Lake Incorporated purchased all of the outstanding stock of Huron Company, paying $1,045,000 cash. Lake...

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Accounting

Lake Incorporated purchased all of the outstanding stock of Huron Company, paying $1,045,000 cash. Lake assumed all of the liabilities. Book values and fair values of acquired assets and liabilities were: Book Value Fair Value Current assets (net) $ 160,000 $ 170,000 Property, plant, equip. (net) 635,000 760,000 Liabilities 190,000 190,000 Lake would record goodwill of: Multiple Choice $305,000. $440,000. $697,000. $0.

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