On August $1,2024,$ a company lends cash and accepts a $$20,000$ note recelvable that offers $8\%$ interest Lake Incorporated purchased all of the outstanding stock of Huron Company, paying $$1,085,000$ cash. Lake

assumed all of the llabilities. Book values and fair values of acquired assets and liabilities were:

Lake would report goodwill of:

Multiple Choice

$$310,000.$

$$510,000.$

$$982,000.$

$$0.$

and is due in nine months. How would the company record the adjusting entry for accrued interest on

December $31,2024?$

Note: Do not round Intermedlate calculations. Round your answer to the nearest dollar amount.

Multiple Choice

Option A

Option B

Option C

Option D