Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $10,900,000 in cash. The book values and fair values of Premium Meats' assets and liabilities were: Book Value $ 1,250,000 7,950,000 190,000 (1,600,000) $7,790,000 Fair Value $ 1,050,000 9,350,000 1,150,000 (1,600,000) $9,950,000 Accounts Receivable Equipment Patents Notes Payable Net assets 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).) 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 (i.e., 5,550,000 should be entered as 5.55).) View journal entry worksheet View transaction list Credit General Journal Debit No Transaction 1 Accounts Receivable A Equipment Patents Goodwill Notes Payable Cash