Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $10,500,000 in cash. The book values and fair values of Premium Meats' assets and liabilities were:

	Book Value		Fair Value
Receivables	$	1,050,000	$	850,000
Property, plant, and equipment		7,750,000		9,150,000
Intangible assets		150,000		950,000
Liabilities		(1,200,000)		(1,200,000)
Net assets	$	7,750,000	$	9,750,000

1. Calculate the Amount Fresh Cut Paid for Goodwill

2.Record Fresh Cut's of Premium meats