Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $11,900,000 in cash. The book values and fair values of Premium Meats' assets and liabilities were: Accounts Receivable Equipment Patents Notes Payable Net asseto Book Value $ 1,750,000 8,450,000 290,000 (2,600,000) $ 7,890,000 Fair Value $ 1,550,000 9,850,000 1,650,000 (2,600,000) $10.450,000 Required: 1. Calculate the amount Fresh Cut should report for goodwill. (Enter your answer in millions rounded to 2 decimal places (ie, $5,500,000 should be entered as 5.50).) Goodwill 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 millions rounded to 2 decimal places (ie, 5,550,000 should be entered as 5.55).) 9 of 14 Next >