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 Hobilities were: Current assets (net) Property, plant, equip. (net) Liabilities Book Value Fair Value $200,000 $195,000 655,000 835,000 250,000 250,000 Lake would record goodwill of Multiple Choice 5465,000 $290,000 $0 $642.000