TB MC Qu. 7-88 Lake Incorporated purchased all of the outstanding stock of... Lake Incorporated purchased all of the outstanding stock of Huron Company, paying $1,005,000 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 $130,000 Property, plant, equip. (net) 630,000 785,000 Liabilities 185,000 185,000 Lake would record goodwill of: O $375,000. $275,000 $398,000. $0