On June 30, 2015, Wisconsin, Inc., issued $407,700 in debt and 13,500 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 Expenses S (958,000) $ (345,000) 228,000 668.000 Net income S (290,000) (117,000) Retained earnings, 1/1 Net income Dividends declared $ (886,000) (222,000) (117,000) (290,000) 104,000 Retained earnings, 6/30 $(1,072,000) (339,000) Cash Receivables and inventory Patented technology (net) Equipment (net) 408,000 973,000 730,000 $ 118,000 120,000 151,000 273,000 683,000 Total assets $2,229,000 1,227,000 Liabilities Common stock Additional paid-in capital Retained earnings S (527,000) $ (418,000) (200,000) (270,000) (339,000) (360,000) (270,000) (1,072,000) Total liabilities and equities $(2,229,000) (1,227,000) Note: Parentheses indicate a credit balance