Lake incorporated purchased all of the outstanding stock of huron company, paying $1,060,000 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 $ 185,000 property, plant, equip. (net) 615,000 835,000 liabilities 180,000 180,000 lake would record goodwill of:

It will record a goodwill for 220,000 dollars

Explanation:

acquisition of 100%: 1,060,000 cash

fair value of Huron Company

current assets 185, 000

PPE                  835,000

Liabilities        (180,000)

Net:                 840,000

difference between fair value and acquisition cost:

1,060,000 - 840,000 = 220,000

answer; i believe its (d) intrinsic;

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