Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $11,700,000 in cash. The book values and fair values of Premium Meats' assets and liabilities were:

	Book Value		Fair Value
Accounts Receivable	$	1,650,000	$	1,450,000
Equipment		8,350,000		9,750,000
Patent		270,000		1,550,000
Notes Payable		(2,400,000)		(2,400,000)
Net assets	$	7,870,000	$	10,350,000

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).)

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).) XAnswer is not complete. No Transaction General Journal Debit Credit 1 1 Receivables X Equipment Intangible assets Goodwill Liabilities X Cash