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Lake Incorporated purchased all of the outstanding stock of Huron Company, paying $ 1 , 0 7 0 , 0 0 0 cash. Lake assumed

Lake Incorporated purchased all of the outstanding stock of Huron Company, paying $1,070,000 cash. Lake assumed all of the liabilities. Book values and fair values of acquired assets
and liabilities were:
Lake would report goodwill of:
Multiple Choice
$365,000.
$475,000.
$1,187,000.
$0.
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