On June 30, 2017, Wisconsin, Inc., issued $274,800 in debt and 17700 new shares of...
80.2K
Verified Solution
Question
Accounting
On June 30, 2017, Wisconsin, Inc., issued $274,800 in debt and 17700 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: $ Badger (396,000) 289.000 (197,000) (218,000) (107,000) Revenues Expenses Net income Retained earnings, 1/1 Net income Dividends declared Retained earnings, 6/30 Cash Receivables and inventory Patented technology (net) Equipment (net) Total assets Liabilities Common stock Additional paid in capital Retained earnings Total liabilities and equities Wisconsin $ (994,000) 712,000 5 (282,000) $ (818,000) (282,000) 98,750 5(1,001,250) 86,250 457,000 905,000 760,000 $ 2,208,250 5 (577,000) (360,000) (270,000 (0.001 250) 5(2,208,250) $ (325,000) 62,000 161,000 335.000 663,000 $ 1,219,000 $ (424,000) (200,000) (270,000) (325.000) $(1,219,000) Wisconsin also paid $39,500 to a broker for arranging the transaction. In addition, Wisconsin paid $46,700 in stock issuance costs. Badger's equipment was actually worth $813,000, but its patented technology was valued at only $308.200 What are the consolidated balances for the following accounts? (Input all amounts os positive values) Amounts Accounts a Net income b. Retained earnings. 1/1/17 Patented technology d. Goodwill Liabilities Common stock Additional paid in capital

Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.