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On June 30, 2017, Wisconsin, Inc., issued $200,200 in debt and 19,300 new shares of its $10 par value stock to Badger Company owners in
On June 30, 2017, Wisconsin, Inc., issued $200,200 in debt and 19,300 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, 2017, were as follows Wisconsin Badger $ (402,000) $ (1,050,000) $ (318,000) $ (810,000) Revenues Expenses 732,000 293,000 Net income Retained earnings, 1/1 Net income Dividends declared $ (109,000) $ (223,000) (318,000) 103,000 (109,000) 0 s (1,025,000) $ (332,000) $86,000 Retained earnings, 6/30 Cash Receivables and inventory Patented technology (net) Equipment (net) 72,000 460,000 928,000 726,000 252,000 328,000 648,000 2,186,000 $ (531, 000) $ 1,314,000 $ (512,000) Total assets Liabilities Common stock Additional paid-in capital Retained earnings (200,000) (270,000) (1,025,000332,000) (360,000) (270,000) Total 1iabilities and equities $ (2,186,000) $ (1,314,000) Wisconsin also paid $36,200 to a broker for arranging the transaction. In addition, Wisconsin paid $47,800 in stock issuance costs Badger's equipment was actually worth $780,000, but its patented technology was valued at only $299,200 What are the consolidated balances for the following accounts? (Input all amounts as positive values) Accounts Amounts a. Net income. b. Retained earnings, 1/1/17. c. Patented technology. d. Goodwill. e. Liabilities. f. Common stock. g. Additional paid-in capital
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