Lake Incorporated purchased all of the outstanding stock of Huron Company paying $950,000 cash. Lake assumed all of the liabilities of Huron. Book values and fair values of acquired assets and liabilities were: Lake would record goodwill of:
A)$ 0.
B)$ 75,000.
C)$445,000.
D)$250,000

Question

Quizplus · Accepted Answer

The Answer of Lake Incorporated purchased all of the outstanding stock of Huron Company paying $950,000 cash. Lake assumed all of the liabilities of Huron. Book values and fair values of acquired assets and liabilities were: Lake would record goodwill of:
A)$ 0.
B)$ 75,000.
C)$445,000.
D)$250,000

Lake Incorporated Purchased All of the Outstanding Stock of Huron