Pharma Company acquired the assets (with the exception of cash) and assumed the liabilities of Astra Company on January 2, 2020 paying $720,000 cash. Astra Company's December 31, 2019 balance sheet reflecting both book and fair values is shown below: Book Value Fair Value $65,000 99,000 162,000 450,000 288,000 $1,064,000 Accounts Receivable, net Inventory Land Buildings, net Equipment,net Total Accounts Payable Note Payable Common Stock $2 par value Other Contributed Capital Retained Earnings Total $72,000 86,000 110,000 369,000 237,000 $874,000 $83,000 180,000 153,000 229,000 229,000 $874,000 As part of the negotiations, Pharma agreed to pay the former stockholders of Asta Company $200,000 if the postcombination earnings of the combined company (Pharma) reach certain levels during 2020 and 2021. The fair value of the contingent consideration was estimated to be $100,000 on the date of acquisition. Required: A. B. Record the journal entry on the books of Pharma Company to record the acquisition of Astra on January 2, 2020. During 2020, the likelihood of meeting the postcombination earnings goal increased. As a result, at the end of 2020, the fair value of the consideration was $120,000. Prepare any journal entry needed to account for the change in the fair value of the contingent consideration. During 2021, the likelihood of meeting the post combination earnings goal signficantly decreased and the contingent consideration target was not met. Prepare any journal entry needed to account for the change in the fair value of contingent consideration. C