Problem $7-3$A $($Algo$)$ Calculate and record goodwill $($LO$7-2)$

Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $$10,800,000$ in cash. The book values an

fair values of Premium Meats' assets and liabilities were as follows:

Required:

Calculate the amount Fresh Cut should report for goodwill.

Record Fresh Cut's acquisition of Premium Meats.

Complete this question by entering your answers in the tabs below.

Calculate the amount Fresh Cut should report for goodwill. $($Enter your answer in millions rounded to $2$ decimal places $($i$.$e$.,$

$$5,500,000$ should be entered as $5\mathrm{.}50).)$