Chapter 7 Homework B Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not Indicat 2 Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $10,200,000 in cash. The book values fair values of Premium Meats' assets and liabilities were: 1 points Accounts Receivable Equipment Patents Notes Payable Net assets Book Value $ 900,000 7,600,000 120,000 (900,000) $7,720.000 Pair Value $ 700,000 9,000,000 800,000 (900,000) $9.500.000 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).) Answer is complete but not entirely correct. Goodwill 1.02 million 2. Record Fresh Cut's Acouisition of Premium Ments. If no entry is required for a transaction/event, select "No Journal Entry Saved Help Homework B Check my work mode: This shows what is correct or Incorrect for the work you have completed so far. It does not indicate completic Goodwi - $ 1.02 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 (.e., 5,550,000 should be entered as 5.55).) NO Transaction Debit Credit General Journal a C W NTP