Please make sure to round to 2 decimal places

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 as follows: Required: 1. Calculate the amount Fresh Cut should report for goodwill. 2. Record Fresh Cut's acquisition of Premium Meats. Complete this question by entering your answers in the tabs below. 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 (1.e, 5,550,000 should be entered as 5.55 )