Check my workCheck My Work button is now enabled1Item 6 Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $10,700,000 in cash. The book values and fair values of Premium Meats' assets and liabilities were as follows: Book Value Fair Value Accounts Receivable $ 1,150,000 $ 950,000 Equipment 7,850,000 9,250,000 Patents 170,000 1,050,000 Notes Payable (1,400,000) (1,400,000) Net assets $ 7,770,000 $ 9,850,000 Required: 1. Calculate the amount Fresh Cut should report f