Gull Company purchased the net assets of the Hart Company on January 1, 2011, and made the following entry to record the purchase: Current Assets $100,000 Equipment $150,000 Land $50,000 Buildings $300,000 Goodwill $100,000 Liabilities $80,000 Common Stock ($1 par) $100,000 Paid-In Capital in Excess of Par $520,000 Make the required entry on January 1, 2013, for each of the following independent contingency agreements: 2. Added shares will be issued on January 1, 2012, equal in value to twice the amount by which average annual earnings of the Hart Division exceed $25,000 per year, prior to January 1, 2013. Net income was $50,000 in 2011 and $60,000 in 2012. The market price of the shares on January 1, 2013 will be $5