* Exercise 2-6 Pritano Company acquired all the net assets of Succo Company on December 31, 2013, for $2,194,240 cash. The balance sheet of Succo Company immediately prior to the acquisition showed: Current assets Plant and equipment Total Book value Fair value $ 1,025,180 $1,025,180 1,136,930 1,413,090 $2,162,110 $2,438,270 $199,650 Liabilities Common stock Other contributed capital Retained earnings Total $172,900 515,420 560,400 913,390 $2,162,110 As part of the negotiations, Pritano Company agreed to issue 9,240 additional shares of its $10 par value common stock to the stockholders of Succo if the average postcombination earnings over the next three years equaled or exceeded $2,319,300. The fair value of the contingent consideration on the date of acquisition was estimated to be $214,100. The contingent consideration (earnout) was classified as equity rather than as a liability. *(a) Your answer is partially correct. Try again. Prepare the journal entries 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 Current Assets 11025180 Plant and Equipment 1413090 Goodwill 157190 Liabilities 199650 TCash 2181710 Paid in Capital-Contingent Consideration 214100