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On June 30, 2020, Wisconsin, Inc., issued $143.250 in debt and 24.100 new shares of its $10 par value stock to Badger Company owners in
On June 30, 2020, Wisconsin, Inc., issued $143.250 in debt and 24.100 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, 2020, were as follows (credit balances in parentheses): Badger $ (450,890) 259,808 $ (191,890) $ (274,000) (191,898) Revenues Expenses Net income Retained earnings, 1/1 Net income Dividends declared Retained earnings, 5/30 Cash Receivables and inventory Patented technology (net) Equipment (net) Total assets Liabilities Common stock Additional paid-in capital Retained earnings Total liabilities and equities Wisconsin $ (1,883,980) 746,00 $ (337,990) $ (847,980) (337,980) 110,000 $(1,874,980) $ 147,00 441,080 967,000 705,000 $ 2, 260,000 $ (556,000) (368,088) (278,090) (1,074,080) $(2, 268,000) $ (465, ) $ 153,000 318,000 320,000 631,800 $ 1,422,800 $ (487,888) (280,890) (270,898) (465, 809) $(1,422,008) Wisconsin also paid $35,500 to a broker for arranging the transaction. In addition, Wisconsin paid $46.000 in stock issuance costs. Badger's equipment was actually worth $771,250, but its patented technology was valued at only $292,800. What are the consolidated balances for the following accounts? (Input all amounts as positive values) Accounts Amounts a. Net income b. Retained earnings, 1/1/20 c. Patented technology (net) d. Goodwill e. Liabilities f. Common stock g. Additional paid-in capital
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