resh cut corporation purchased all the outstanding common stock of premium meats for $10,600,000 in cash. the book values and fair values of premium meats' assets and liabilities were as follows: book value fair value accounts receivable $ 1,100,000 $ 900,000 equipment 7,800,000 9,200,000 patents 160,000 1,000,000 notes payable (1,300,000) (1,300,000) net assets $ 7,760,000 $ 9,800,000 required: 1. calculate the amount fresh cut should report for goodwill. 2. record fresh cut's acquisition of premium meats.