P corporation is considering the acquisition of S Corporation and has obtained the following audited condensed balance sheet: Internet also acquired the following fair values for Homepages assets and liabilities P and agree on a price of 5280.000 for S's net assets. Prepare the necessary journal entry to record the purchase given the following scenarios: P pays cash for S Corporation and incurs $5.000 of acquisition costs. P issues its $5 par value stock as consideration. The fair value of the stock at the acquisition late is $50 per share Additionally, P incurs $5.000 of security issuance costs. Is P pays $200,000 to S IE for the acquire (S) when received 5230,000 cash from the acquirer (P) (Recording Contingent Consideration) P would pay an additional amount on 1/01/200S, if the average income during the 2 year period of 2006-2007 exceeded 580,000 per year. The expected value is $84,000 On 12/31/05 to record the acquisition On 8/01/06 to revise the contingent consideration to $70.000 On 8101/06 to revile the contingent consideration to $98.000 On 1/01/08 to settle the contingent consideration clause of the agreement for $75 000 When revised to $700,000 When revised to $98,000 On 1/01/08 of S corporation net asset, including Goodwill was $242, the EV of the net assets excluding goodwill was $180,000. the FV of business units was estimated to $200,000. is goodwill impaired