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On June 30, 2017, Wisconsin, Inc., issued $267,350 in debt and 18,400 new shares of its $10 par value stock to Badger Company owners in
On June 30, 2017, Wisconsin, Inc., issued $267,350 in debt and 18,400 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 $ (339,000) Revenues $(985, 000) 720,000 201,000 $ 138,000) (208, 000) (138,000) Expenses Net income Retained earnings, 1/1 Met income Dividends declared $ (265,000) $ (843,000) (265, 000) $ 106,250 Retained earnings, 6/30 $ (1,001,750) $ 346, 000) $ 110,750 433,000 929,000 727,000 $ 2,199,750 $59,000 Receivables and inventorv Patented technology (net) Equipment (net) 180,000 372,000 619,000 1,230,000 Total assets Liabilities Common stock Additional paid-in capital Retained earnings $ (568,000) (360, 000) (270,000) $ (414, 000) (200,000) (270,000) (1,001,750 346,000) $(1,230, 000) Total 1iabilities and equities $(2,199,750) Wisconsin also paid $30,800 to a broker for arranging the transaction. In addition, Wisconsin paid $43,100 in stock issuance costs. Badger's equipment was actually worth $765,250, but its patented technology was valued at only $350,700. What are the consolidated balances for the following accounts? (Input all amounts as positive values) Accounts a. Net income. Retained earnings, b. d. Goodwill f Common stock. g. Additional paid-in capital
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