Problem 7-3A Calculate and record goodwill (L07-2) Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $11,100.000 in cash. The book values and fair values of Premium Meats' assets and liabilities were: Book Value Fair Value Accounts Receivable $ 1,350, eee $ 1,150,000 Equipment 8,850,00 9,450,000 Patents 210,000 1,250, eee Notes Payable (1,800, 800) (1,8eeeee) Net assets $ 7,819,690 $10,850,00 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 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 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).) View transaction list Journal entry worksheet