Lake Incorporated purchased all of the outstanding stock of Huron Company paying $955,000 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 Lake would record goodwill of Multiple Choice $360,400 Book Value $131,100 Fair Value $123,400 614,000 751,000 150,500 177,000