On June 30, 2017, Wisconsin, Inc., issued $300,000 in debt and 15,000 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 $ (900,000 ) $ (300,000 ) Expenses 660,000 200,000 Net income $ (240,000 ) $ (100,000 ) Retained earnings, 1/1 $ (800,000 ) $ (200,000 ) Net income (240,000 ) (100,000 ) Dividends declared 90,000 0 Retained earnings, 6/30 $ (950,000 ) $ (300,000 ) Cash $ 80,000 $ 110,000 Receivables and inventory 400,000 170,000 Patented technology (net) 900,000 300,000 Equipment (net) 700,000 600,000 Total assets $ 2,080,000 $ 1,180,000 Liabilities $ (500,000 ) $ (410,000 ) Common stock (360,000 ) (200,000 ) Additional paid-in capital (270,000 ) (270,000 ) Retained earnings (950,000 ) (300,000 ) Total liabilities and equities $ (2,080,000 ) $ (1,180,000 ) Wisconsin also paid $30,000 to a broker for arranging the transaction. In addition, Wisconsin paid $40,000 in stock issuance costs. Badger’s equipment was actually worth $700,000, but its patented technology was valued at only $280,000. What are the consolidated balances for the following accounts? (Input all amounts as positive values)
a. Net Income
b. Retained Earnings, 1/17/17
c.Patented Technology
d. Goodwill
e. liabilities
f. common stock
g. additional paid -in-capital
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On June 30, 2017, Wisconsin, Inc., issued $300,000 in debt and 15,000 new shares of its...
On June 30, 2017, Wisconsin, Inc., issued $315,450 in debt and 18,100 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, 2017, were as follows: Wisconsin Badger Revenues $ (985,000 ) $ (462,000 ) Expenses 707,000 293,000 Net...
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On June 30, 2017, Wisconsin, Inc., issued $315,450 in debt and 18,100 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, 2017, were as follows: Wisconsin Badger Revenues $ (985,000 ) $ (462,000 ) Expenses 707,000 293,000 Net...
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