On June 30, 2021, Streeter Company reported the following account balances: Receivables Inventory Buildings (net) Equipment (net) Total assets $ 81,100 Current liabilities 82,000 Long-term liabilities 74,200 Common stock 31,500 Retained earnings $ 268,800 Total liabilities and equities $ (19,800) (59,000) (90,000 (100,000) $ (268,800) On June 30, 2021, Princeton Company paid $303,200 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $19,600 in legal fees. Princeton also agreed to pay $69,200 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 $24,400. In determining its offer, Princeton noted the following pertaining to Streeter: It holds a building with a fair value $40,200 more than its book value. It has developed a customer list appraised at $24,200, although it is not recorded in its financial records. It has research and development activity in process with an appraised fair value of $37,500. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Prepare Princeton's 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.) View transaction list 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 Record entry Clear entry View general journal View transaction list Journal entry worksheet