On June 30, 2017, Wisconsin, Inc., issued $358,600 in debt and 17,500 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, 2017, were as follows: Wisconsin Badger (1,021,000) 692,000 (329,000) $ (888,000) (329,000) 114,750 (1,102,250) $142,250 434,000 940,000 787,000 $2,303,250 s (571,000) (360,000) (270,000) (1,102,250) (2,303,250) Revenues Expenses (411,000) 223,000 Net income (188,000) Retained earnings, 1/1 Net income Dividends declared $ (228,000) (188,000) (416,000) Retained earnings, 6/30 Cash Receivables and inventory Patented technology (net) Equipment (net) $ 127,000 267,000 345,000 614,000 $1,353,000 Total assets Liabilities Common stock Additional paid-in capital Retained earnings S(467,000) (200,000) (270,000) (416,000) Total liabilities and equities (1,353,000)