1.25 points Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $10,800,000 in cash. The book values and fair values of Premium Meats' assets and liabilities were: Book Value Fair Value $ 1,200,000 1,000,000 7,900,000 9,300,000 80,000 1,100,000 (1,500,000) 1,500,000) Accounts Receivable Equipment Patent Notes Payable Net assets 7,780,000 9,900,000 Required 1. Calculate the amount Fresh Cut should report for goodwill. (Enter your answer in millions rounded to 2 decimal places (i.e., $5,500,000 should be entered as 5.50).) $1.00 million 2 decimal places required. 2. Record Fresh Cut's acquisition of Premium Meats. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,550,000 should be entered as 5.55).) View transaction list