19-Lake Incorporated purchased all of the outstanding stock of Huron Company paying $960,000 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)	$	130,700			$	124,400
Property, plant, equip. (net)		612,000				760,000
Liabilities		150,400				177,000

Lake would record goodwill of:

Multiple Choice

$367,700.

$252,600.

$75,600.

$0.

20-An exclusive 20-year right to manufacture a product or use a process is a:

Multiple Choice

Trademark.

Patent.

Franchise.

Copyright.

13-A change in the estimated useful life and residual value of machinery in the current year is handled as:

Multiple Choice

A cumulative adjustment to income in the current year for the difference in depreciation under the new versus old estimates.

A retrospective change back to the date of acquisition as though the current estimated life and residual value had been used all along.

A prospective change from the current year through the remainder of its useful life, using the new estimates.