Lake Incorporated purchased all of the outstanding stock of Huron Company paying $961,000 cash. Lake assumed all of the liabilities of Huron. Book values and fair values of acquired assets and liabilities were: Book Value Fair Value Current assets (net) $ 130,300 $ 124,700 Property, plant, equip. (net) 614,000 769,000 Liabilities 151,800 175,000 Lake would record goodwill of:

$242,300

Explanation:

Goodwill = Purchase Price - Net Assets taken over at Fair Value

where,

Purchase Price = $961,000

Net Assets taken over at Fair Value = $ 124,700 + $769,000 - $175,000 = $718,700

therefore,

Goodwill = $961,000 - $718,700 = $242,300

conclusion :

Lake would record goodwill of $242,300

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i just had a test with that question

match each type of restriction with one of its effects.

a. land-use laws

b. labor laws

c. banking regulations

a. controlled development of towns and cities

b. protection of young workers

c. greater financial stability