On June 30, 2021, Streeter Company reported the following account balances: Receivables Inventory Buildings (net) Equipment (net) Total assets $ 60,580 Current liabilities 88,000 Long-tern liabilities 84,600 Common stock 27,500 Retained earnings $ 260,600 Total liabilities and equities $ (18,180) (52,500 (90, eee) (100,000) $1260,600) On June 30, 2021, Princeton Company paid $308,500 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $18,500 in legal fees. Princeton also agreed to pay $65,600 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 $22,100, In determining its offer, Princeton noted the following pertaining to Streeter It holds a building with a fair value $49,300 more than its book value . It has developed a customer list appraised at $22,700, although it is not recorded in its financial records. It has research and development activity in process with an appraised fair value of $35,300. 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 abilities 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.) View transac dentist X 1 Record the acquisition of Streeter Company 2 Record the legal fees related to the combination