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: Accounts Receivable Equipment Patents Notes Payable Net assets Book Value $ 1,150,000 7,850,000 170,000 (1,400,000) $ 7,770,000 Fair Value $ 950,000 9,250,000 1,050,000 (1,400,000) $ 9,850,000 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).) Goodwill million 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 (.e., 5,550,000 should be entered as 5.55).) Journal entry worksheet Record the acquisition of Premium Meats. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal