Lake Incorporated purchased all of the outstanding stock of Huron Company paying $370,000 cash Lake assumed all of the abilities 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 $130,900 $124,900 $11,000 767,000 151,400 177,000 Lake would record goodwill of Mumple Choice $266.300 $78300 $379,600