On June 30, 2021, Streeter Company reported the following account balances: Receivables Inventory Buildings (net) Equipment (net) Total assets $ 64,000 Current liabilities 94,000 Long-term liabilities 86,500 Common stock 31,000 Retained earnings $ 275,500 Total liabilities and equities $ (11,500) (74,000) (90,000) (100,000) $ (275,500) On June 30, 2021, Princeton Company paid $311,500 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $7,700 in legal fees. Princeton also agreed to pay $59,200 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 $17,000. In determining its offer, Princeton noted the following pertaining to Streeter: It holds a building with a fair value $42,100 more than its book value. It has developed a customer list appraised at $21,000, although it is not recorded in its financial records. It has research and development activity in process with an appraised fair value of $39,400. 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.) Journal entry worksheet Record the acquisition of Streeter Company. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal Journal entry worksheet