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On June 30, 2020, Wisconsin, Inc., issued $153,400 in debt and 22,200 new shares of its $10 par value stock to Badger Company owners
On June 30, 2020, Wisconsin, Inc., issued $153,400 in debt and 22,200 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, 2020, were as follows (credit balances in parentheses): Revenues Expenses Net income Wisconsin $ (1,077,000) 759,000 Badger $ (397,000) 200,000 $ (318,000) Retained earnings, 1/1 Net income $ (839,000) Dividends declared (318,000) 110,758 $ (197,000) $ (213,000) (197,000) Retained earnings, 6/30 Cash Receivables and inventory Patented technology (net) Equipment (net) Total assets Liabilities Common stock Additional paid-in capital Retained earnings Total liabilities and equities 737,000 $ 2,272,250 $ (596,000) (360,000) (270,000) (1,046,250) $ (430,000) (200,000) (270,000) (410,000) $(1,310,000) $(1,046,250) $ (410,000) $ 197,250 $ 166,000 423,000 171,000 915,000 364,000 609,000 $ 1,310,000 $(2,272,258) Wisconsin also paid $32,600 to a broker for arranging the transaction. In addition, Wisconsin paid $48,200 in stock issuance costs. Badger's equipment was actually worth $738,000, but its patented technology was valued at only $341,800. What are the consolidated balances for the following accounts? (Input all amounts as positive values) Accounts 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 Amounts
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