On June 30, 2018, Streeter Company reported the following account balances:

On June 30, 2018, Princeton Company paid $310,800 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $15,100 in legal fees. Princeton also agreed to pay $55,600 to the former owners of Streeter contingent on meeting certain revenue goals during 2019. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $17,900.
In determining its offer, Princeton noted the following pertaining to Streeter:
ˆ™ It holds a building with a fair value $43,100 more than its book value.
ˆ™ It has developed a customer list appraised at $25,200, although it is not recorded in its financial records.
ˆ™ It has research and development activity in process with an appraised fair value of $36,400. However, the project has not yet reached technological feasibility and the assets used in the activity have no alternative future use.
ˆ™ Book values for the receivables, inventory, equipment, and liabilities approximate fair values.
Prepare Princeton's accounting entries to record the combination with Streeter?

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$ 83,900 Current liabilities Receivables Inventory Buildings (net) Equipment (net) 70,250 Long-term liabilities 78,900 Common stock 24,100 Retained earnings (12.900) (5425 ) 90,000) (100,000) Total assets $257,150 t liabilities and equities