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Lake Incorporated purchased all of the outstanding stock of Huron Company paying $1,020,000 cash. Lake assumed all of the liabilities. Book values and fair values
Lake Incorporated purchased all of the outstanding stock of Huron Company paying $1,020,000 cash. Lake assumed all of the liabilities. Book values and fair values of acquired assets and liabilities were: Book Value Fair Value Current assets (net) $185,000 $145,000 Property, plant, equip. (net) 610,000 835,000 Liabilities 205,000 205,000 Lake would record goodwill of:
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