On June 30,2021 , Streeter Company reported the following account balances: On June 30, 2021, Princeton Company paid $319,700 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $10,100 in legal fees. Princeton also agreed to pay $61,600 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 $24,600. In determining its offer, Princeton noted the following pertaining to Streeter: - It holds a building with a fair value $46,200 more than its book value. - It has developed a customer list appraised at $29,800, although it is not recorded in its financial records. - It has research and development activity in process with an appraised fair value of $38,200. 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.)