Required: a. Prepare the journal entries on the books of Pritano to record the acquisition on December
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Question:
Required:
a. Prepare the journal entries on the books of Pritano to record the acquisition on December 31, 2013.
b. At the end of 2014, the estimated fair value of the contingent consideration increased to $207,900. Prepare the journal entry to record the change in the fair value of the contingent consideration, if needed.
c. In 2015, the earnings did not meet the earnout target and the estimated fair value of the contingent consideration was zero. Prepare the journal entry to record the change in the fair value of the contingent consideration.
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