In negotiating the acquisition price, Branson also promised to pay Wolfpack's former owners an additional $56,000 if Wolfpack's income exceeded $130,000 total over the first two years after the acquisition. At the acquisition date, Branson estimated the probability-adjusted present value of this contingent consideration at $39,200. On December 31, 2020, based on Wolfpack's earnings to date, Branson increased the value of the contingency to $44,800. During the subsequent two years, Wolfpack reported the following amounts for income and dividends: 2020 2021 Net Income $ 72,400 82,400 Dividends Declared $ 25,000 35,000 In keeping with the original acquisition agreement on December 31, 2021, Branson paid the additional $56,000 performance fee to Wolfpack's previous owners. Prepare each of the following: a. Branson's entry to record the acquisition of the shares of its Wolfpack subsidiary, b. Branson's entries at the end of 2020 and 2021 to adjust its contingent performance obligation for changes in fair value and the December 31, 2021. payment c. Prepare consolidation worksheet entries as of December 31, 2021, assuming that Branson has applied the equity method. d. Prepare consolidation worksheet entries as of December 31, 2021, assuming that Branson has applied the initial value method. Complete this question by entering your answers in the tabs below. Required A Required B Required c Required D Branson's entry to record the acquisition of the shares of its Wolfpack subsidiary. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Consolidation In negotiating the acquisition price, Branson also promised to pay Wolfpack's former owners an additional $56,000 if Wolfpack's income exceeded $130,000 total over the first two years after the acquisition. At the acquisition date, Branson estimated the probability-adjusted present value of this contingent consideration at $39,200. On December 31, 2020, based on Wolfpack's earnings to date, Branson increased the value of the contingency to $44,800. During the subsequent two years, Wolfpack reported the following amounts for income and dividends: 2020 2021 Net Income $ 72,400 82,400 Dividends Declared $ 25,000 35,000 In keeping with the original acquisition agreement on December 31, 2021, Branson paid the additional $56,000 performance fee to Wolfpack's previous owners. Prepare each of the following: a. Branson's entry to record the acquisition of the shares of its Wolfpack subsidiary, b. Branson's entries at the end of 2020 and 2021 to adjust its contingent performance obligation for changes in fair value and the December 31, 2021. payment c. Prepare consolidation worksheet entries as of December 31, 2021, assuming that Branson has applied the equity method. d. Prepare consolidation worksheet entries as of December 31, 2021, assuming that Branson has applied the initial value method. Complete this question by entering your answers in the tabs below. Required A Required B Required c Required D Branson's entry to record the acquisition of the shares of its Wolfpack subsidiary. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Consolidation