Lake Incorporated purchased all of the outstanding stock of Huron Company paying $950,000 cash. Lake assumed all of the liabilities of Huron. Book values and fair values of acquired assets and liabilities were:Book Value Fair ValueCurrent assets (net) $130,000 $125,000Property, plant, equip. (net) 600,000 750,000Liabilities 150,000 175,000Lake would record goodwill of:a. $ 0. b. $ 75,000. c. $445,000. d. $250,000.
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