Problem 3: On June 30,2016 , Novo Company reported the following account balances: On June 30, 2016, Louis Company paid $621,600 cash for all assets and liabilities of Novo, which will cease to exist as a separate entity. In connection with the acquisition, Louis paid $30,200 in legal fees. Louis also agreed to pay $111,200 to the former owners of Novo contingent on meeting certain revenue goals during 2017. Louis estimated the present value of its probability adjusted expected payment for the contingency at $35,800. In determining its offer Louis noted the following pertaining to Novo: - It holds a building with a fair value $86,200 more than its book value. - It has developed a customer list appraised at $50,400 although it is not recorded in its financial records. - It has research and development asset appraised at $72,800 although it is not recorded in its financial records. Required: Prepare Louis's accounting entry to record the combination with Novo