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 as follows: Accounts Receivable Equipment Patents Notes Payable Net assets Required: 1. Calculate the amount Fresh Cut should report for goodwill. 2. Record Fresh Cut's acquisition of Premium Meats. Required 1 Required 2 Book Value $1,650,000 8,350,000 270,000 (2,400,000) $ 7,870,000 Complete this question by entering your answers in the tabs below. Goodwill Fair Value $ 1,450,000 9,750,000 1,550,000 (2,400,000) $ 10,350,000 4950 000 00 Calculate the amount Fresh Cut should report for goodwill. (Enter your answer in millions rounded to 2 decimal places (1l.e., $5,500,000 should be entered as 5.50).) million Answer is complete but not entirely correct. Prev 9 of 18 Next

from my understanding, Goodwill = Purchase price - Net Assets. coming back incorrect. All other questions like this have been incorrect thus far in their calculations.

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 Premlum Meats' assets and llabilities were as follows: Required: 1. Calculate the amount fresh Cut should report for goodwill. 2. Record Fresh Cur's acquisition of Premium Meats. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Calculate the amount Fresh Cut should report for poodwill. (Enter your answer in mallions rounded ta 2 decimal places (1. e.., \$5, 500,000 thould be entered as 5.50).)