Pina Colada Company acquired the assets (except for cash) and assumed the liabilities of Cullumber Company on January 1,2024 , paying $734,000 cash. Cullumber Company's December 31,2023 , balance sheet, reflecting both book values and fair values, showed: As part of the negotiations, Pina Colada Company agreed to pay the former stockholders of Cullumber Company $185,300 cash if the post-combination earnings of the combined company (Pina Colada) reached certain levels during 2024 and 2025 . The fair value of contingent consideration was estimated to be $151,100 on the date of acquisition. Record the journal entry on the books of Pham Company to record the acquisition on January 1, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) During 2024, the likelihood of meeting the post combination earnings goal increased. As a result, at the end of 2024 , the estimated fair value of the contingent consideration increased to $169,100. Prepare any journal entry needed to account for the change in the fair value of contingent consideration. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) During 2025, the likelihood of meeting the post combination earnings goal significantly 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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.)