On June 30, 2021, Streeter Company reported the following account balances:

Receivables	$	51,700	Current liabilities	$	(10,400	)
Inventory		87,000	Long-term liabilities		(56,000	)
Buildings (net)		83,700	Common stock		(90,000	)
Equipment (net)		34,000	Retained earnings		(100,000	)
Total assets	$	256,400	Total liabilities and equities	$	(256,400	)

On June 30, 2021, Princeton Company paid $309,500 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $17,300 in legal fees. Princeton also agreed to pay $61,100 to the former owners of Streeter contingent on meeting certain revenue goals during 2022. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $20,300.

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

• It holds a building with a fair value $40,500 more than its book value.
• It has developed a customer list appraised at $29,200, although it is not recorded in its financial records.
• It has research and development activity in process with an appraised fair value of $33,300. 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 Princetons accounting entries 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.)

Journal entry worksheet

• Record the acquisition of Streeter Company.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
1	Receivables
	Inventory
	Buildings (net)
	Equipment (net)
	Customer list
	Research and development asset
	Current liabilities
	Long-term liabilities
	Goodwill

Journal entry worksheet

• Record the legal fees related to the combination.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit