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On June 30, 2017, Wisconsin, Inc., issued $444,550 in debt and 15,200 new shares of its $10 par value stock to Badger Company owners in
On June 30, 2017, Wisconsin, Inc., issued $444,550 in debt and 15,200 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: misconsin Badger (424, 000) (956, 000) Revenues 677,000 250, 000 Expenses $ (279,000) $(174, 000) Net income (891, 000) (279, 000) Retained earnings, 1/1 (279, 000) 174, 000) 0 Net income 113, 250 Dividends declared $ (453, 000) Retained earnings, 6/30 $ (1,056, 750) 102,000 213, 000 Cash 74,750 469, 000 Receivables and inventory Patented technology (net) Equipment (net) 922,000 745, 000 327,000 600, 000 $ 2,210,750 $ 1,242,000 Total assets Liabilities $ (524,000) (360, 000) (270,000) $(319,000) (200, 000) (270,000) Common stock Additional paid-in capital Retained earnings (1,056, 750) 453, 000) s (2,210,750) $ (1, 242, 000) Total liabilities and equities Wisconsin also paid $38,700 to a broker for arranging the transaction. In addition, Wisconsin paid $45,800 in stock issuance costs. Badger's equipment was actually worth 701,250, but its patented technology was valued at only $303,900 What are the consolidated balances for the following accounts? (Input all amounts as positive values) Amounts Accounts a. Net income b. Retained earnings, 111/17 c, Patented technology d. Goodwill e. Liabilities f. Common stock g. Additional paid-in capital
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