On June 30, 2015, Wisconsin, Inc., issued $108,650 in debt and 24,200 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, 2015, were as follows: Wisconsin Badger $(1,018,000) (378,000) Revenues 744,000 253,000 Expenses Net income (274,000) (125,000) (842,000) (282,000) Retained earnings, 1/1 Net income (274,000) (125,000) Dividends declared 104,500 $(1,011,500) (407,000) Retained earnings, 6/30 Cash 39,500 158,000 267,000 Receivables and inventory 469,000 903,000 308,000 Patented technology (net Equipment (net) 782,000 611,000 2,193,500 1,344,000 Total assets (552,000) (467,000) Liabilities Common stock (360,000) 00,000 (270,000) Additional paid-in capital (270,000) (1,011,500) (407,000) Retained earnings Total liabilities and equities $(2,193,500) (1,344,000) Note: Parentheses indicate a credit balance