On June 30, 2015, Wisconsin, Inc., issued $288,000 in debt and 17,300 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 Revenues $(1,013,000) (353,000) Expenses 752,000 249,000 Net income (261,000) (104,000) (803,000) (239,000) Retained earnings, 1/1 (261,000) Net income (104,000) 92,500 Dividends declared (971,500) (343,000) Retained earnings, 6/30 Cash 51,500 60,000 415,000 Receivables and inventory 188,000 925,000 Patented technology (net) 337,000 Equipment (net) 765,000 640,000 Total assets 2,156,500 1,225,000 (555,000) (412,000) Liabilities Common stock (360,000) (200,000) (270,000) Additional paid-in capital (270,000) Retained earnings (971,500) (343,000) Total liabilities and equities $(2,156,500) (1,225,000) Note: Parentheses indicate a credit balance