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Lake Incorporated purchased Huron Company with a negotiated purchase price of $850,000 cash. Book values of acquired assets and liabilities were: Assets: Book Value Cash $60,000 Accounts Receivable 40,000 Inventory 30,000 Property and Equipment Cost 850,000 Accumulated Depreciation (250,000) Liabilities: Accounts Payable 175,000 The fair value of cash, accounts receivable, and accounts payable equal the book value. The fair value of inventory is $25,000 and the fair value of property and equipment is $750,000. What is the amount goodwill that would be recorded from the acquisition? $325,000 $575,000 None of the answers are correct O $150.000 O $400,000 In accounting, goodwill May be recorded when the company purchases another business. Must be expensed in the period when it is acquired. Is never recorded. None of the answers are correct May be recorded when a company's level of net income exceeds the industry average. Which of the following is true regarding FICA taxes? FICA taxes are paid only by the employer. O FICA taxes are paid in different amounts by the employee and employer. FICA taxes are paid in equal amounts by the employee and employer. None of the answers are correct FICA taxes are paid only by the employee