2 questions-Record the initial entry for the acquisition of Queen: -Record the transaction and adjust needed on January 1, 2018 based upon Queen's 2017 results:

The Prince Company acquired 100% of the voting stock of the Queen Company on January 1, 2017 for the following consideration $ 1,200,000 market value of 10,000 shares of its $ 10 par value common stock $ 2,000,000 note payable due in 5 years . A contingent payment of $ 200,000 cash if Queen generates profits of $ 500,000 or more in 2016 (Fair value= $ 57,000) Queen's profits in 2017 totaled $ 600,000