Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Just need GOODWILL On June 30,2023 , Wisconsin, Incorporated, issued $143,250 in debt and 24,100 new shares of its $10 par value stock to Badger
Just need GOODWILL
On June 30,2023 , Wisconsin, Incorporated, issued $143,250 in debt and 24,100 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, 2023, were as follows (credit balances in parentheses): Wisconsin also paid $35,500 to a broker for arranging the transaction. In addition, Wisconsin paid $46,000 in stock issuance costs. Badger's equipment was actually worth $771,250, but its patented technology was valued at only $292,800. Required: What are the consolidated balances for the following accounts? Note: Input all amounts as positive valuesStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started