Lake Incorporated purchased all of the outstanding stock of Huron Company paying $966,000 cash. Lake assumed all of the liabilities of Huron. Book values and fair values of acquired assets and liabilities were: Current assets (net) Property, plant, equip. (net) Liabilities Book Value Fair Value $130,500 $124,000 602,000 768,000 151,700 175,000 Lake would record goodwill of Multiple Choice $74,000. $249,000. $0. $385,200 < Prev 2 of 5 Next >