On June 30, 2018, Streeter Company reported the following account balances:

Receivables Inventory Buildings (net) Equipment (net)

Total assets

$83,900 70,250 78,900 24,100$257,150

Current liabilities Long-term liabilities Common stock

Retained earnings

Total liabilities and equities

$

(12,900) (54,250) (90,000)

(100,000) $ (257,150)

On June 30, 2018, Princeton Company paid $310,800 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $15,100 in legal fees. Princeton also agreed to pay $55,600 to the former owners of Streeter con- tingent on meeting certain revenue goals during 2019. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $17,900.

In determining its offer, Princeton noted the following pertaining to Streeter:

• It holds a building with a fair value $43,100 more than its book value.
• It has developed a customer list appraised at $25,200, although it is not recorded in its financial records.
• It has research and development activity in process with an appraised fair value of $36,400. 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 entries to record the combination with Streeter.