Lake Incorporated purchased all of the stock of Huron Company, paying $950,000 cash. Lake also assumed all of the liabilities of Huron. Book values and fair values of the acquired assets and liabilities were:                                                           Book value     Fair value Current assets (net)                         $130,000      $125,000 Property, plant & equipment (net) 600,000          750,000 Liabilities                                      150,000             175,000 Required:What amount of Goodwill should Lake Inc. record in connection with this purchase?

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