Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $10,100,000 in cash. The book values and fair values of Premium Meats' assets and liabilities were:

	Book Value		Fair Value
Accounts Receivable	$	850,000	$	650,000
Equipment		7,550,000		8,950,000
Patent		110,000		750,000
Notes Payable		(800,000)		(800,000)
Net assets	$	7,710,000	$	9,550,000

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).)

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 millions rounded to 2 decimal places (i.e., 5,550,000 should be entered as 5.55).)