Lake Incorporated purchased all of the outstanding stck of Huron Company paying $1,055,000 cash. Lake assumed all of the liabilities. Book values and fair values of acquired assets and liabilities were: Current assets (net Property, plant, equip. (net) Llabilities Book Value Fair Value $120,000 $180,000 695,000845,000 255,000 255,000 Lake would record goodwill of O $285,000 O $495.000 O so O $292.000. 35 04