On January $1,2016$ the fair values of Pink Coral$$s net assets were as follows:

$$

Current Assets

$100,000$

$$

Equipment

$150,000$

$$

Land

$50,000$

$$

Buildings

$300,000$

$$

Liabilities

$80,000$

$$

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On January $1,2016,$ Blue Reef Company purchased the net assets of the Pink Coral Company by issuing $100,000$ shares of its $$1$ par value stock when the fair value of the stock was $$6\mathrm{.}20.$ It was further agreed that Blue Reef would pay an additional amount on January $1,2018,$ if the average income during the $2-$year period of $2016-2017$ exceeded $$80,000$ per year. The expected value of this consideration was calculated as $$184,000$; the measurement period is one year. Blue Reef paid $$15,000$ in professional fees to negotiate the purchase and construct the acquisition agreement and $$10,000$ in stock issuance costs.

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Required: Prepare Blue Reef$$s entries:

a$)$ on January $1,2016$ to record the acquisition

b$)$ on August $1,2016$ to revise the contingent consideration to $$170,000$

c$)$ on January $1,2016$ to settle the contingent consideration clause of the agreement for $$175,000$