Lake Incorporated purchased all of the outstanding stock of Huron Company paying $967,000 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) $ 130,900 $ 124,200 Property, plant, equipment) 619,000 757,000 Liabilities 151,700 177,000 Lake would record goodwill of: Multiple Choice $368,800. $0. $262,800. $85,800.
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