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Exercise 2-5 Pritano Company acquired all the net assets of Succo Company on December 31, 2013, for $2,065,250 cash. The balance sheet of Succo Company immediately prior to the acquisition showed: Current assets Plant and equipment Total Book value $ 952,750 1,126,280 $2,079,030 Fair value $952,750 1,411,300 $2,364,050 $233,810 Liabilities Common stock Other contributed capital Retained earnings Total $188,600 435,760 644,700 809,970 $2,079,030 As part of the negotiations, Pritano agreed to pay the stockholders of Succo $378,060 cash if the post-combination earnings of Pritano averaged $2,065,250 or more per year over the next two years. The estimated fair value of the contingent consideration was $155,720 on the date of the acquisition. (a) Prepare the journal entry on the books of Pritano to record the acquisition on December 31, 2013. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Account Titles and Explanation Cash Common Stock Current Assets Gain on Change in Fair Value of Contingent Consideration Goodwill Liabilities Liability for Contingent Consideration Loss on Change in Fair Value of Contingent Consideration No Entry Other Contributed Capital Plant and Equipment Retained Earnings