Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $11,200,000 in cash. The book values and fair values of Premium Meats' assets and liabilities were:

Book Value Fair Value Accounts Receivable Equipment Patent Notes Payable S 1,400,000 $ 1,200,000 8,100,000 9,500,000 220,0001,300,000 (1,900,000) (1,900,000) Net assets S 7,820,000 $ 10,100,000 Required 1. Calculate the amount Fresh Cut should report for goodwill. Goodwi million 2. Record Fresh Cut's acquisition of Premium Meats. (If no entry is required for a transaction/event, select 5.55).) View transaction list Journal entry worksheet Record the acquisition of Premium Meats Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal