Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $10,600,000 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: Book Value $ 1,100,000 7,800,000 Fair Value: $900,000 9,200,000 160,000 (1,300,000) 1,000,000 (1,300,000) $ 7,760,000 $9,800,000 Record Fresh Cut's acquisition of Premium Meats. Complete this question by entering your answers in the tabs below. Acquisition Record Fresh Cut's acquisition of Premium Meats. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers int millions rounded to 2 decimal places (i.e., 5,550,000 should be entered as 5.55). View transaction list Journal entry worksheet Record the acquisition of Premium Meats. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit