Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $12,000,000 in cash. The book values and fair values of Premium Meats' assets and liabilities were Book Value Fair Value Accounts Receivable $ 1,800,000 $1,600,000 Equipment 8,500,000 9,900,000 Patents 300,000 1,700,000 Notes Payable (2,200,000) 12,700,000) Net assets 57,900,000 $10, See, Bee Required: 1. Calculate the amount Fresh Cut should report for goodwill (Enter your answer in millions rounded to 1 decimal place. (ie. $5,500,000 should be entered as 5.5).) Answer is complete and correct. Good 5 15 million 2. Record Fresh Cut's acquisition of Premium Mests. (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 1 decimal place le., 5,500,000 should be entered as 5.5).) Answer is not complete. General Journal Credit No Transaction 1 Debit 1.70 Patents Goodwill