Receivables	$	69,800	Current liabilities	$	(16,400	)
Inventory		78,500	Long-term liabilities		(53,000	)
Buildings (net)		83,500	Common stock		(90,000	)
Equipment (net)		27,600	Retained earnings		(100,000	)
Total assets	$	259,400	Total liabilities and equities	$	(259,400	)

On June 30, 2021, Princeton Company paid $322,100 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $19,100 in legal fees. Princeton also agreed to pay $63,100 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 $20,200.

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

• It holds a building with a fair value $41,900 more than its book value.
• It has developed a customer list appraised at $30,900, although it is not recorded in its financial records.
• It has research and development activity in process with an appraised fair value of $37,800. 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.