On June 30, 2017, Wisconsin, Inc., issued $207,100 in debt and 20,600 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, 2017, were as follows:
Wisconsin | Badger | |||||||||||
Revenues | $ | (1,036,000 | ) | $ | (383,000 | ) | ||||||
Expenses | 741,000 | 237,000 | ||||||||||
Net income | $ | (295,000 | ) | $ | (146,000 | ) | ||||||
Retained earnings, 1/1 | $ | (875,000 | ) | $ | (213,000 | ) | ||||||
Net income | (295,000 | ) | (146,000 | ) | ||||||||
Dividends declared | 107,750 | 0 | ||||||||||
Retained earnings, 6/30 | $ | (1,062,250 | ) | $ | (359,000 | ) | ||||||
Cash | $ | 81,250 | $ | 106,000 | ||||||||
Receivables and inventory | 400,000 | 193,000 | ||||||||||
Patented technology (net) | 982,000 | 307,000 | ||||||||||
Equipment (net) | 799,000 | 644,000 | ||||||||||
Total assets | $ | 2,262,250 | $ | 1,250,000 | ||||||||
Liabilities | $ | (570,000 | ) | $ | (421,000 | ) | ||||||
Common stock | (360,000 | ) | (200,000 | ) | ||||||||
Additional paid-in capital | (270,000 | ) | (270,000 | ) | ||||||||
Retained earnings | (1,062,250 | ) | (359,000 | ) | ||||||||
Total liabilities and equities | $ | (2,262,250 | ) | $ | (1,250,000 | ) | ||||||
Wisconsin also paid $30,100 to a broker for arranging the transaction. In addition, Wisconsin paid $41,000 in stock issuance costs. Badger’s equipment was actually worth $807,500, but its patented technology was valued at only $284,000.
What are the consolidated balances for the following accounts?
(Input all amounts as positive values)
CAN YOU PLEASE SHOW WORK/PROVIDE EXPLANATION AND STEP BY STEP SO THAT I CAN UNDERSTAND?
Net Income, Retained Earnings, 1/1/17, Patented Technology, Goodwill, Liabilities, Common Stock and Additional Capital.
On June 30, 2017, Wisconsin, Inc., issued $207,100 in debt and 20,600 new shares of its...
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