Question: On August 1 , 2 0 2 4 , a company lends cash and accepts a $ 2 0 , 0 0 0 note recelvable

On August 1,2024, a company lends cash and accepts a $20,000 note recelvable that offers 8% interest Lake Incorporated purchased all of the outstanding stock of Huron Company, paying $1,085,000 cash. Lake
assumed all of the llabilities. Book values and fair values of acquired assets and liabilities were:
Lake would report goodwill of:
Multiple Choice
$310,000.
$510,000.
$982,000.
$0.
and is due in nine months. How would the company record the adjusting entry for accrued interest on
December 31,2024?
Note: Do not round Intermedlate calculations. Round your answer to the nearest dollar amount.
Multiple Choice
Option A
Option B
Option C
Option D
On August 1,2024, a company lends cash and accepts a $20,000

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