Lake Incorporated purchased all of the outstanding stock of Huron Company paying $956,000 cash. Lake...
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Accounting
Lake Incorporated purchased all of the outstanding stock of Huron Company paying $956,000 cash. Lake assumed all of the liabilities of Huron. Book values and fair values of acquired assets and liabilities were:
| Book Value | Fair Value | ||||||
| Current assets (net) | $ | 130,200 | $ | 124,000 | |||
| Property, plant, equip. (net) | 612,000 | 754,000 | |||||
| Liabilities | 151,900 | 177,000 | |||||
Lake would record goodwill of:
Multiple Choice
$0.
$78,000.
$365,700.
$255,000.
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