In: Accounting
On June 30, 2017, Wisconsin, Inc., issued $158,250 in debt and 19,400 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 | |||||||||||
Revenues | $ | (1,001,000) | $ | (362,000) | ||||||||
Expenses | 690,000 | 247,000 | ||||||||||
Net income | $ | (311,000) | $ | (115,000) | ||||||||
Retained earnings, 1/1 | $ | (869,000) | $ | (204,000) | ||||||||
Net income | (311,000) | (115,000) | ||||||||||
Dividends declared | 111,750 | 0 | ||||||||||
Retained earnings, 6/30 | $ | (1,068,250) | $ | (319,000) | ||||||||
Cash | $ | 92,250 | $ | 114,000 | ||||||||
Receivables and inventory | 482,000 | 183,000 | ||||||||||
Patented technology (net) | 935,000 | 293,000 | ||||||||||
Equipment (net) | 713,000 | 695,000 | ||||||||||
Total assets | $ | 2,222,250 | $ | 1,285,000 | ||||||||
Liabilities | $ | (524,000) | $ | (496,000) | ||||||||
Common stock | (360,000) | (200,000) | ||||||||||
Additional paid-in capital | (270,000) | (270,000) | ||||||||||
Retained earnings | (1,068,250) | (319,000) | ||||||||||
Total liabilities and equities | $ | (2,222,250) | $ | (1,285,000) | ||||||||
Wisconsin also paid $37,000 to a broker for arranging the
transaction. In addition, Wisconsin paid $46,600 in stock issuance
costs. Badger’s equipment was actually worth $811,250, but its
patented technology was valued at only $269,600.
What are the consolidated balances for the following accounts?