Fresh cut corporation purchased all the outstanding common stock of premium meats for $12,000,000 in cash. the book values and fair values of premium meats' assets and liabilities were: book value fair value accounts receivable $ 1,800,000 $ 1,600,000 equipment 8,500,000 9,900,000 patents 300,000 1,700,000 notes payable (2,700,000 ) (2,700,000 ) net assets $ 7,900,000 $ 10,500,000
required:
1. calculate the amount fresh cut should report for goodwill. (enter your answer in millions rounded to 1 decimal place. (i. e., $5,500,000 should be entered as 5.
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 1 decimal place (i. e., 5,500,000 should be entered as 5.
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