On June 30, 2017, Wisconsin, Inc., issued $300,000 in debt and 15,000 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 Revenues $ (900,000) $ (300,000) Expenses 660,00e 200,000 $ (100,000) (200,000) (100,000) Net income $ (240,000) Retained earnings, 1/1 Net income Dividends declared $ (800,000) (240,000) 90,000 $ (950,000) (300,000) $ 110,000 Retained earnings, 6/30 Cash Receivables and inventory Patented technology (net) Equipment (net) $ 80,000 400,000 900,000 700,000 170,000 300,000 600,000 $ 2,080,000 $ 1,180,000 Total assets Liabilities Common stock Additional paid-in capital Retained earnings $ (500,000) (360,000) (270,000) (950,000) $ (2,080,000) $ (410,000) (200,000) (270,000) 300,000 $ (1,180,000) Total liabilities and equities