Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $11,400,000 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 Book Value $ 1,500,000 8,200,000 240,000 (2,100,000) $ 7,840,000 Fair Value $ 1,300,000 9,600,000 1,400,000 (2,100,000) $ 10,200,000 Required: 1. Calculate the amount Fresh Cut should report for goodwill. 2. Record Fresh Cut's acquisition of Premium Meats.