Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On June 3 0 , 2 0 2 3 , Wisconsin, Incorporated, issued $ 1 4 3 , 2 5 0 in debt and 2

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 values
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 $40 per share. Prior to the combination, the financial statements for Wisconsin and Badger for the six-month period ending June 30,2023, were as follows (credit balances in parentheses):
\table[[Items,Wisconsin,Badger],[\table[[Revenues],[Expenses]],\table[[$(1,083,000)
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Charles T Horngren

6th Edition

0131795082, 978-0131795082

More Books

Students also viewed these Accounting questions

Question

=+ Do you think it is a wise investment of the firm?

Answered: 1 week ago