Ayayai Company acquired the assets (except for cash) and assumed the liabilities of Blossom Company on January 1, 2024, paying $721,000 cash. Blossom Company's December 31,2023, balance sheet, reflecting both book values and fair values, showed: As part of the negotiations, Ayayai Company agreed to pay the former stockholders of Blossom Company $217,000 cash if the postcombination earnings of the combined company (Ayayai) reached certain levels during 2024 and 2025 . The fair value of contingent consideration was estimated to be $145,800 on the date of acquisition. (a) Record the journal entry on the books of Pham Company to record the acquisition on January 1, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Jan.1,2024