On 1/1/2017 P Company acquired all the net assets of S Company. P Company also agreed to pay an additional $60000 to the former stockholders of S Company if the average earnings next two years exceeded $800000. The entry recorded if target is met a. Dr. Contingent liability 60000 Cr. Cash 60000 b. Dr. Cash 60000 Cr. Income 60000 O c. Dr. Contingent liability 60000 Cr. O Income 60000 O d. Dr. Goodwill 60000 Cr. Contingent liability 60000