Prepare Princeton's accounting entries to record the combination with streeter.

On June 30, 2021, Streeter Company reported the following account balances: aa) (lee, eaa) Receivables Inventory Buildings (net) Equipment (net) Total assets $ 81 82 74 , 31 $ 268, Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and equities $ (19,8aa) (59, eaa) $ (268,8aa) On June 30, 2021, Princeton Company paid $303,200 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $19,600 in legal fees. Princeton also agreed to pay $69,200 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 $24,400. In determining its offer, Princeton noted the following pertaining to Streeter: It holds a building with a fair value $40,200 more than its book value. It has developed a customer list appraised at S24,200, although it is not recorded in its financial records. It has research and development activity in process with an appraised fair value of $37,500. 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. Prenare Princeton's entries to record the romhination with Streeter (If no entrv is reauired for 8 transaction/event_ select