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

On June 30, 2021, Princeton Company paid $309,000 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $12,200 in legal fees. Princeton also agreed to pay $56,300 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 $20,500.

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

• It holds a building with a fair value $42,700 more than its book value.
• It has developed a customer list appraised at $22,800, although it is not recorded in its financial records.
• It has research and development activity in process with an appraised fair value of $37,900. 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 Princetons 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.)

-Record the acquisition of Streeter Company.

-Record the legal fees related to the combination.

\begin{tabular}{lrrr} Receivables & $78,700 Current liabilities & $(11,600) \\ Inventory & 72,000 Long-term liabilities & (62,500) \\ Buildings (net) & 83,400 Common stock & (90,000) \\ Equipment (net) & 30,000 Retained earnings & (100,000) \\ Total assets & $264,100 & Total liabilities and equities & $(264,100) \\ \hline \end{tabular}