Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $10,800,000 in cash. The book values and fair values of Premium Meats' assets and liabilities were Recounts Receivable Equipment Patents Notes Payable Net anseta Book Value $ 1,200,000 7,900,000 180,000 (1,500,000) $ 7,780,000 Fair Value $1,000,000 9,300,000 1,100,000 (1,500,000) $9,900,000 Required: 1. Calculate the amount Fresh Cut should report for goodwill. (Enter your answer in millions rounded to 2 decimal places (.e. $5,500,000 should be entered as 5.50).) Goodwill 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 (.e., 5,550,000 should be entered as 5.55).) View transaction list Journal entry worksheet