$On$ June $30,2023,$ Wisconsin, Incorporated, issued $$280,050in$ debt and $17,200$ new shares $of$ its $$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$)$:

Items Wisconsin Badger

Revenues $ $(991,000)$ $ $(460,000)$

Expenses $722,000297,000$

Net income $ $(269,000)$ $ $(163,000)$

Retained earnings,$\frac{1}{1}$ $ $(822,000)$ $ $(205,000)$

Net income $(269,000)(163,000)$

Dividends declared $100,2500$

Retained earnings,$\frac{6}{30}$ $ $(990,750)$ $ $(368,000)$

Cash $ $51,750$ $ $82,000$

Receivables and inventory $405,000231,000$

Patented technology $(net)952,000393,000$

Equipment $(net)731,000601,000$

Total assets $ $2,139,750$ $ $1,307,000$

Liabilities $ $(519,000)$ $ $(469,000)$

Common stock $(360,000)(200,000)$

Additional paid$-in$ capital $(270,000)(270,000)$

Retained earnings $(990,750)(368,000)$

Total liabilities and equities $ $(2,139,750)$ $ $(1,307,000)$

Wisconsin also paid $$39,900to$ a broker for arranging the transaction. $In$ addition, Wisconsin paid $$44,800in$ stock issuance costs. Badger$s$ equipment was actually worth $$703,750,$ but its patented technology was valued $at$ only $$367,300.$