Question: Lake Incorporated purchased all of the outstanding stock of Huron Company paying $959,000 cash: Lake assumed all of the abilities of Huron. Book values and

Lake Incorporated purchased all of the outstanding stock of Huron Company paying $959,000 cash: Lake assumed all of the abilities of Huron. Book values and fair values of acquired assets and liabilities were: Book Value $130,900 Current assets (not) Property, plant, equip. (net) Fair Valve $123,900 601,000 761,000 Liabilities 151,300 175,000 Lake would record goodwill of Multiple Choice 10 $378.400 $74.100 5242100 O O O O

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