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On June 30, 2020, Wisconsin, Inc., issued $194,700 in debt and 20,800 new shares of its $10 par value stock to Badger Company owners
On June 30, 2020, Wisconsin, Inc., issued $194,700 in debt and 20,800 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 Retained earnings, 1/1 Net income Dividends declared Retained earnings, 6/30 Cash Receivables and inventory Patented technology (net) Equipment (net) Total assets Common stock Liabilities Additional paid-in capital Retained earnings Total liabilities and equities $ Wisconsin (993,000) 737,000 $ (256,000) $ $ (838,000) (256,000) 95,250 (998,750) Badger $ (410,000) 295,000 $ (115,000) $ (245,000) (115,000) 0 $ (360,000) $ 76,750 $ 87,000 430,000 173,000 954,000 726,000 $ 2,186,750 $ (558,000) (360,000) (270,000) (998,750) $(2,186,750) 388,000 634,000 $ 1,282,000 $ (452,000) (200,000) (270,000) (360,000) $ (1,282,000) Wisconsin also paid $38,200 to a broker for arranging the transaction. In addition, Wisconsin paid $46,100 in stock issuance costs. Badger's equipment was actually worth $785,500, but its patented technology was valued at only $364,000. 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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