Question
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
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):
Wisconsin | Badger | |||||||||||
Revenues | $ | (1,021,000 | ) | $ | (411,000 | ) | ||||||
Expenses | 692,000 | 223,000 | ||||||||||
Net income | $ | (329,000 | ) | $ | (188,000 | ) | ||||||
Retained earnings, 1/1 | $ | (888,000 | ) | $ | (228,000 | ) | ||||||
Net income | (329,000 | ) | (188,000 | ) | ||||||||
Dividends declared | 114,750 | 0 | ||||||||||
Retained earnings, 6/30 | $ | (1,102,250 | ) | $ | (416,000 | ) | ||||||
Cash | $ | 142,250 | $ | 127,000 | ||||||||
Receivables and inventory | 434,000 | 267,000 | ||||||||||
Patented technology (net) | 940,000 | 345,000 | ||||||||||
Equipment (net) | 787,000 | 614,000 | ||||||||||
Total assets | $ | 2,303,250 | $ | 1,353,000 | ||||||||
Liabilities | $ | (571,000 | ) | $ | (467,000 | ) | ||||||
Common stock | (360,000 | ) | (200,000 | ) | ||||||||
Additional paid-in capital | (270,000 | ) | (270,000 | ) | ||||||||
Retained earnings | (1,102,250 | ) | (416,000 | ) | ||||||||
Total liabilities and equities | $ | (2,303,250 | ) | $ | (1,353,000 | ) | ||||||
Wisconsin also paid $38,600 to a broker for arranging the transaction. In addition, Wisconsin paid $42,000 in stock issuance costs. Badgers equipment was actually worth $759,500, but its patented technology was valued at only $318,500.
What are the consolidated balances for the following accounts? (Input all amounts as positive values)
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