Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $$11,300,000$ in cash. The book values and fair values of Premium Meats' assets and liabilities were as follows:

Book Value Fair Value

Accounts Receivable $ $1,450,000$ $ $1,250,000$

Equipment $8,150,0009,550,000$

Patents $230,0001,350,000$

Notes Payable $(2,000,000)(2,000,000)$

Net assets $ $7,830,000$ $ $10,150,000$

Required:

$1.$ Calculate the amount Fresh Cut should report for goodwill.

$2.$ Record Fresh Cut's acquisition of Premium Meats.