On June 30, 2020, Wisconsin, Inc., issued $358,600 in debt and 17,500 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):