Return to question Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $11.900,000 in cash. The book values and fair values of Premium Meats' assets and liabilities were: Accounts Receivable Equipment Patents Notes Payable Net assets Book Value Fair Valve $ 1,750,000 $ 1,550,000 8,450,000 9,850,000 290,000 1,650,000 (2,600.000) (2,600,000) $ 7,890,000 $10,450,000 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 fie., 5,550,000 should be entered as 5.55).) Debit Credit General Journal No Transaction