On 1/1/2017 P Company acquired all the net assets of s Company. P Company also...
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On 1/1/2017 P Company acquired all the net assets of s Company. P Company also agreed to pay an additional $60000 to the former stockholders of S Company if the average earnings next two years exceeded $800000. The entry recorded if target is met: Select one: O a. Dr. Contingent liability 60000 Cr. Cash 60000 O b. Dr. Cash 60000 Cr. Income 60000 c. Dr. Contingent liability 60000 Cr. Income 60000 O d. Dr. Goodwill 60000 Cr. Contingent liability 60000
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