omework Seved Check my reported the following account balances: Receivables Inventory Buildings (net) Equipment (net) Total assets $ 78,700 Current liabilities 72,000 Long-term liabilities 83,400 Common stock 30,000 Retained earningrs (11,600) (62,500) (90,000) 100,0001 $(264,100) 264,100 Total liabilities and equities On June 30, 2018, Princeton Company paid $309,000 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $12,200 in legal fees. Princeton also agreed to pay $56,300 to the former owners of Streeter contingent on meeting certain revenue goals during 2019. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $20,500. In determining its offer, Princeton noted the following pertaining to Streeter It holds a building with a fair value $42.700 more than its book value. It has developed a customer list appraised at $22,800, although it is not recorded in its financial records has research and development activity in process with an appraised fair value of $37,900. However, the project has not yet reached technological feasibility and the assets used in the activity have no alternative future use. Book values for the receivables, inventory, equipment, and liabilities approximate fair values Prepare Princeton's accounting entry to record the combination with Streeter. (If no entry is required for a transaction/event, select No journal entry required" in the first account field.) K Prev 7 of 10E Next >