On June 30, 2021, Streeter Company reported the following account balances: 1 Receivables Inventory Buildings (net) Equipment (net) Total assets $ 73,050 Current liabilities 80,500 tong-term liabilities 87,800 Common stock 28,400 Retained earnings $ 269,750 Total liabilities and equities $ (13,500) (66,250) (90,000) (100,000) $(269,750) 2.5 points 80127:06 On June 30, 2021, Princeton Company paid $314 700 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $14,000 in legal fees. Princeton also agreed to pay $55,600 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 $18.500 In determining its offer, Princeton noted the following pertaining to Streeter It holds a building with a fair value $44.700 more than its book value It has developed a customer list appraised at $23,600, although it is not recorded in its financial records . It has research and development activity in process with an appraised fair value of $38,000. 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.)