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

Receivables	$	52,050	Current liabilities	$	(17,800	)
Inventory		90,750	Long-term liabilities		(53,500	)
Buildings (net)		86,000	Common stock		(90,000	)
Equipment (net)		32,500	Retained earnings		(100,000	)
Total assets	$	261,300	Total liabilities and equities	$	(261,300	)

On June 30, 2021, Princeton Company paid $306,600 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $18,700 in legal fees. Princeton also agreed to pay $57,900 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 $21,300.

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

• It holds a building with a fair value $45,400 more than its book value.
• It has developed a customer list appraised at $24,600, although it is not recorded in its financial records.
• It has research and development activity in process with an appraised fair value of $32,300. 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.