Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $10,700,000 in cash. The book values and fair values of Premium Meats' assets and liabilities were: Book Value Fair Value Accounts Receivable $ 1,150,000 $ 950,000 Equipment 7,850,000 9,250,000 Patents 170,000 1,050,000 Notes Payable (1,400,000) (1,400,000) Net assets $ 7,770,000 $9,850,000 Required: 1. Calculate the amount Fresh Cut should report for goodwill. (Enter your answer in millions rounded to 2 decimal places (l.e.. $5,500,000 should be entered as 5.50).) Good million 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 milions rounded to 2 decimal places (.e., 5,550,000 should be entered as 5.55).) View transaction list Journal entry worksheet