Pritano Company acquired all the net assets of Succo Company on December 31, 2013, for $2,357,780 cash. The balance sheet of Succo Company immediately prior to the acquisition showed: Book value Fair value Current assets $ 1,012,260 $1,012,260 Plant and equipment 1,008,470 1,422,140 Total $2,020,730 $2,434,400 Liabilities $187,260 $237,130 Common stock 518,440 Other contributed capital 608,300 Retained earnings 706,730 Total $2,020,730 As part of the negotiations, Pritano Company agreed to issue 10,740 additional shares of its $10 par value common stock to the stockholders of Succo if the average postcombination earnings over the next three years equaled or exceeded $2,641,500. The fair value of the contingent consideration on the date of acquisition was estimated to be $200,600. The contingent consideration (earnout) was classified as equity rather than as a liability. Collapse question part (a) Prepare the journal entries on the books of Pritano to record the acquisition on December 31, 2013.