Blue Spruce Compary sequired the axsets (ereept for cash) and assumed the llablities of Crane Company on January 1, 2024, payirs 5722.000 cash Crane Compart/s December 31. 2023, belance sheet, renectire both book values and fir values, shomed: (b) During 2024, the likelihood of mesting the post combination earnings gool increased. As a result, at the end of 2024, the estimated fair value of the contingent consideration increased to $127,800. Prepare any joumal entry needed to accoumt for the chanee in the fair value of contireent consideration. (Credit occount tities are outomaticaly indented when the amourt is entered. Do not indent manualy. If no entry is required, select "No Entry" for the account tities ond enter of for the amounts. List debit entry before credt entry List of Accounts As part of the meeptiations. Blue Spruce Compary aered to pay the former stockholders of Cranc Company $218.200 cash if the (c) post-combination eamines of the combined compary (Blue Sprucel reached certain leveds durine 2024 and 2025. The fair value of contingent consideration was estimated to be $109,200 on the date of acquisition. During 2025, the likelihood of mexting the post combination earnings gool sivificantly decreased and the contingent coneideration target was not met. Prepare any joumal entry needed to account for the change in the fair value of contingent consideration. (Credit occount tites are cutomaticaly indented when the amount is entered Do not indent manualy. I no entry is (a) required, select "No Entry" for the occount tibles and enter 0 for the amounts. Lst deblt entry before crecit entry,) Record the journal entry on the books of Pham Company to record the acquisition on January 1, 2024. (Credt occount titles are outomaticaly indented when the amount is entered Do not indent manualy. If no entry is required, select "No Entry" for the occount tities and enter O for the amounts Ust all debit entries before credit entries) Blue Spruce Compary sequired the axsets (ereept for cash) and assumed the llablities of Crane Company on January 1, 2024, payirs 5722.000 cash Crane Compart/s December 31. 2023, belance sheet, renectire both book values and fir values, shomed: (b) During 2024, the likelihood of mesting the post combination earnings gool increased. As a result, at the end of 2024, the estimated fair value of the contingent consideration increased to $127,800. Prepare any joumal entry needed to accoumt for the chanee in the fair value of contireent consideration. (Credit occount tities are outomaticaly indented when the amourt is entered. Do not indent manualy. If no entry is required, select "No Entry" for the account tities ond enter of for the amounts. List debit entry before credt entry List of Accounts As part of the meeptiations. Blue Spruce Compary aered to pay the former stockholders of Cranc Company $218.200 cash if the (c) post-combination eamines of the combined compary (Blue Sprucel reached certain leveds durine 2024 and 2025. The fair value of contingent consideration was estimated to be $109,200 on the date of acquisition. During 2025, the likelihood of mexting the post combination earnings gool sivificantly decreased and the contingent coneideration target was not met. Prepare any joumal entry needed to account for the change in the fair value of contingent consideration. (Credit occount tites are cutomaticaly indented when the amount is entered Do not indent manualy. I no entry is (a) required, select "No Entry" for the occount tibles and enter 0 for the amounts. Lst deblt entry before crecit entry,) Record the journal entry on the books of Pham Company to record the acquisition on January 1, 2024. (Credt occount titles are outomaticaly indented when the amount is entered Do not indent manualy. If no entry is required, select "No Entry" for the occount tities and enter O for the amounts Ust all debit entries before credit entries)