On June 30, 2017, Wisconsin, Inc., issued $92,400 in debt and 23,400 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 (944,000) $(443,000) Revenues Expenses 686,000 287,000 $ (258,000) Net income Retained earnings, 1/1 Net income Dividends declared $ (156,000) $ (207,000) 156,000) $(853,000) (258, 000) 110,000 Retained earnings, 6/30 $(1,001,000) $363,000) $ 58,000 442,000 $154,000 Receivables and inventory Patented technology (net) Equipment (net) 171,000 329,000 923,000 723,000 655,000 $ 2,146,000 $1,309,000 Total assets Liabilities Common stochk Additional paid-in capital Retained earnings $(515,000) (360,000) (270,000) $(476,000) (200,000) (270,000) 1,001,000 Total liabilities and equities $ (2,146, 000) (1,309,000) Wisconsin also paid $35,800 to a broker for arranging the transaction. In addition, Wisconsin paid $41,900 in stock issuance costs Badger’s equipment was actually worth $821,500, but its patented technology was valued at only $305,700. What are the consolidated balances for the following accounts? (Input all amounts as positive values) a. Net income. b. Retained earnings, 1/1/17 c. Patented technology. d. Goodwill e. Liabilities
Struggling with your classes?
We can take your online class, write your essays do your homework,
take your quizzes, and do discussion boards for you.
Our prices are relatively friendly and we guarantee grade A or B in your online class.
All our services are secure, private and confidential. Chat with us Today to Learn More.