On June 30, 2015, Streeter Company reported the following account balances: Receivables $ 69,300 Current liabilities $ 19,700 Inventory 79,750 Long-term liabilities 57,250 Buildings (net) 85,000 Common stock 90,000 Equipment (net) 32,900 Retained earnings 100,000 Total assets $ 266,950 Total liabilities and equities $ 266,950 On June 30, 2015, Princeton paid $320,200 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $15,700 in legal fees. Princeton also agreed to pay $61,500 to the former owners of Streeter contingent on meeting certain revenue goals during 2016. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $19,400. In determining its offer, Princeton noted the following pertaining to Streeter: It holds a building with a fair value $43,000 more than its book value. It has developed a customer list appraised at $28,400, although it is not recorded in its financial records. It has research and development activity in process with an appraised fair value of $36,700. 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. On July 15, 2015, Princeton obtained possession of the assets and recorded them on their accounting records. Record the receipt of the assets and liabilities of Streeter Company.