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On June 30, 2020, Wisconsin, Inc., issued $344,050 in debt and 19,100 new shares of its $10 par value stock to Badger Company owners in
On June 30, 2020, Wisconsin, Inc., issued $344,050 in debt and 19,100 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): 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 Liabilities Common stock Additional paid-in capital Retained earnings Total liabilities and equities Wisconsin $ (1,059,000) 734,000 $ (325,000) $ (846,000) (325,000) 111,250 $(1,059,750) $ 78,750 478,000 931,000 721,000 $ 2,208,750 $ (519,000) (360,000) (270,000) (1,059,750) $(2,208,750) Badger $ (454,000) 263,000 $ (191,000) $ (259,000) (191,000) 0 $ (450,000) $ 175,000 285,000 307,000 606,000 $ 1,373,000 $ (453,000) (200,000) (270,000) (450,000) $(1,373,000) Wisconsin also paid $36,000 to a broker for arranging the transaction. In addition, Wisconsin paid $48,400 in stock issuance costs. Badger's equipment was actually worth $768,750, but its patented technology was valued at only $282,100. 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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