Grant Company purchased the net assets of Harding Company on January $1,2015,$ and made the following entry to record the purchase:

Current Assets $100,000$

Equipment $160,000$

Land $50,000$

Building $300,000$

Goodwill $100,000$

Note Payable $50,000$

Account to be determined $40,000$

Common Stock $($$$1$ par$)100,000$

Paid$-$in Capital in Excess of Par $520,000$

Provide the correct title for the $$40,000$ credit account above and make the required entry on January $1,2017,$ for each of the following independent contingency agreements:

$1.$ An additional cash payment would be made on January $1,2017,$ equal to twice the amount by which average annual earnings of the Harding Division exceed $$25,000$ per year, prior to January $1,2017.$ Net income was $$50,000$ in $2015$ and $$60,000$ in $2016.$ Assume that the expected value of the agreement on the purchase date was $$40,000.$ Assume that no adjust$-$ ment was made at the end of $2015$ or $2016.$

$2.$ Added shares would be issued on January $1,2017,$ equal in value to twice the amount by which average annual earnings of the Harding Division exceed $$25,000$ per year, prior to January $1,2017.$ Net income was $$50,000$ in $2015$ and $$60,000$ in $2016.$ The market price of the shares on January $1,2017,$ was $$5.$ Assume that the expected value of the agreement on the purchase date was $$40,000.$ The agreement is classified as an equity transaction.

$3.$ Added shares or cash $($at the option of the acquirer$)$ would be issued on January $1,2017,$ to compensate for any fall in the value of Grant common stock below $$6$ per share. The market price of the shares on January $1,2017,$ was $$5.$ Assume that the expected value of the agree$-$ ment on the purchase date was $$40,000$ and that it is classified as a liability. Assume that no adjustment was made at the end of $2015$ or $2016.$ Shares were issued on January $1,2017.$