On 1/1/2017 P Company acquired all the net assets of S Company. P Company also agreed to pay an additional $80000 to the former stockholders of S Company if the average earnings next two years exceeded $800000. The entry recorded if target is met: Select one: a. Dr. Cash 80000 Cr. Income 80000 b. Dr. Contingent liability 80000 Cr. Income 80000 c. Dr. Contingent liability 80000 Cr. Cash 80000 d. Dr. Goodwill 80000 Cr. Contingent liability 80000 Pacquired 75% of S. during the year, S reported net loss 10000 JD and declared dividends 4000 JD. P uses equity method. The eliminating entry for equity income: Select one: a. Dr. Equity income 4000 Cr. Investment 4000 b. Dr. Investment 7500 Cr. Equity income 7500 c. Dr. Equity income 7500 Cr. Investment 7500 d. Dr. Investment 3000 Cr. Equity income 3000