ore: Points 89.30 % < Question 12 (of 13) 12. Award: 0.69 out of 1.00 point Problem 7-3A Calculate and record goodwill (LO7-2) Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $12,000,000 in cash. The book valum assets and liabilities were: Accounts Receivable Book Value Fair Value $ 1,800,000 $1,600,000 Equipment Patent Notes Payable Net assets 8,500,000 9,900,000 300,000 (2,700,000) 1,700,000 (2,700,000) $ 7,900,000 $10,500,000 Required: 1. Calculate the amount Fresh Cut should report for goodwill. (Enter your answer in millions rounded to 1 decimal place. (i. 5.5).) Goodwill $ 5.5 million Required: 1. Calculate the amount Fresh Cut should report for goodwill. (Enter your answer in millions rounded to 1 decimal place. (i.e., $5,500,000 sh 5.5).) Goodwill $ 5.5 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 Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list View journal entry worksheet No Transaction 1 1 Receivables Equipment Intangible assets Goodwill Liabilities Cash General Journal Debit Credit 1.6 9.9 1.7 1.5 2.75 12.0