Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $10,300,000 in cash. The book values and fair values of Premium Meats' assets and liabilities were:

Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $10,300,000 in cash. The book values and fair values of Premium Meats' assets and liabilities were: Accounts Receivable Equipment Patent Notes Payable Book Value $ 950,000 7,650,000 130,000 (1,000,000) Fair Value $ 750,000 9,050,000 850,000 (1,000,000) Net assets $ 7,730,000 $ 9,650,000 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 Goodwill million million Journal entry worksheet Record the acquisition of Premium Meats. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal