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Lake Incorporated purchased all of the outstanding stock of Huron Company paying $969,000 cash. Lake assumed all of the liabilities of Huron. Book values and

Lake Incorporated purchased all of the outstanding stock of Huron Company paying $969,000 cash. Lake assumed all of the liabilities of Huron. Book values and fair values of acquired assets and liabilities were:

Book Value Fair Value

Current assets (net) $ 131,400 $ 124,700

Property, plant, equpiment (net) 615,000 762,000

Liabilities 150,800 175,000

Lake would record goodwill of:

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