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Lake Incorporated purchased all of the outstanding stock of Huron Company, paying $ 1 , 0 2 5 , 0 0 0 cash. Lake assumed

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Lake Incorporated purchased all of the outstanding stock of Huron Company, paying $1,025,000cash. Lake assumed all of the liabilities. Book values and fair values of acquired assets and liabilities were:
\table[[,Book Value,Eair Value],[Current assets (net),$165,000,$150,000
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