Lake incorporated purchased all of the outstanding stock of, Financial Accounting

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Lake incorporated purchased all of the outstanding stock of

Lake Incorporated purchased all of the outstanding stock of Huron Company paying $1,095,000 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) $120,000 $220,000 Property, plant, equip. (net) 605,000 850,000 Liabilities 230,000 230,000 Lake would record goodwill of:

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Financial Accounting: Lake incorporated purchased all of the outstanding stock of

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