Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $10100,000 in cash The book values and fair values of Premium Meats assets and liabilities were Accounts Receivable ment Patents Notes Payable Net wete Book Value Tai Value $50,000 $ 650,000 7.550,000 2.950.000 110.000 750,000 (600,000 800.000 SITIO.000 250.000 Required: 1. Calculate the amount Fresh Cut should report for goodwill. (Enter your answer in millions rounded to 2 decimal places $5,500,000 should be entered as 5.50).) Goodwill milion 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 (l.e., 5,550,000 should be entered as 5.55).) View transaction lit Journal entry worksheet