1. On January 2, 2019, Acquirer purchased 100% of the stock of T. Immediately after the acquisition of the stock, A dissolved T and distributed to itself (as a liquidating dividend) all o the assets and liabilities of T, which is no longer a separate entity. Acquirer paid the former shareholders of T (0)$400,000 and (ii) agreed to pay, on December 31, 2020, an additional $75,000 if, and only if, specific conditions were met by that date Acquirer estimated the present value of its probability adjusted expected payment for the contingency at $50,000. On January 2, the book value and fair market value of T's assets, liabilities, and equity were as follows: Book Value Fair Market Value Current Assets Property, Plant and Equipment Patent Total Assets 90,000 270,000 90,000 250,000 70,000 Notes Payable Common Stock Retained Earnings Total Liabilities & Equity 360,000 60,000 150,000 150,000 360,000 60,000 A. Prepare the journal entry for the acquisition of T's stock. B. Prepare the journal entry for the acquisition of all of T's assets. C. Assuming that Acquirer had $200,000 of liabilities of its own prior to its acquisition of T determine the total amount of liabilities that Acquirer will show on its May 1 balance D. If Acquirer has to pay the contingent liability on December 31, 2020, prepare the journal entry to record the payment