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I just need help with goodwill please. On June 30, 2017, Wisconsin, Inc., issued $158,100 in debt and 21,600 new shares of its $10 par
I just need help with goodwill please.
On June 30, 2017, Wisconsin, Inc., issued $158,100 in debt and 21,600 new shares of its $10 par value stock to Badger Company owners in exchange for all of the outstanding shares of that company. Wisconsin shares had a fair value of $40 per share. Prior to the combination, the financial statements for Wisconsin and Badger for the six-month period ending June 30, 2017, were as follows: $ $ $ Badger (448,000) 286,000 (162,000) (253,000) (162,000) Revenues Expenses Net income Retained earnings, 1/1 Net income Dividends declared Retained earnings, 6/30 Cash Receivables and inventory Patented technology (net) Equipment (net) Total assets Liabilities Common stock Additional paid-in capital Retained earnings Total liabilities and equities Wisconsin $ (983, 000) 687,000 $ (296,000) $ (892,000) (296,000) 102,250 $(1,085,750) $ 187,750 418,000 987,000 706,000 $ 2,298,750 $ (583,000) (360,000) (270,000) (1,085,750) $(2,298,750) $ (415,000) $ 259,000 174,000 333,000 601,000 $ 1,367,000 $ (482,000) (200,000) (270,000) (415,000) $(1,367,000) Wisconsin also paid $31,600 to a broker for arranging the transaction. In addition, Wisconsin paid $45,600 in stock issuance costs. Badger's equipment was actually worth $703,000, but its patented technology was valued at only $304,900. What are the consolidated balances for the following accounts? (Input all amounts as positive values)Step by Step Solution
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