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00 8 On June 30, 2020, Wisconsin, Inc., issued $288,000 in debt and 17,300 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 balances in parentheses) combination, the financial statements for Wisconsin and Badger for the six-month period ending June 30, 2020, were as follows (credit 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 a Net income Accounts Retained earnings, 1/1/20 c Patented technology (net) d Goodwill e Liabilities Common stock Additional paid-in capital Wisconsin $ (1,013,000) 752,000 Amounts $ (261,000) $ (803,000) (261,000) 92,500 $ (971,500) $ $1,500 415,000 925,000 765,000 Wisconsin also paid $30,300 to a broker for arranging the transaction. In addition, Wisconsin paid $41,200 in stock issuance costs Badger's equipment was actually worth $779,500, but its patented technology was valued at only $308,300 What are the consolidated balances for the following accounts? (Input all amounts as positive values) $ 2,156,500 $ (555,000) (360,000) (270,000) (971,500) $(2,156,500) Badger $ (353,000) 249,000 $ (104,000) $ (239,000) (104,000) $ (343,000) S 60,000 188,000 337,000 640,000 $ 1,225,000 $ (412,000) (200,000) (270,000) (343,000) $(1,225,000)

00 8 On June 30, 2020, Wisconsin, Inc., issued $288,000 in debt and 17,300 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 balances in parentheses) combination, the financial statements for Wisconsin and Badger for the six-month period ending June 30, 2020, were as follows (credit 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 a Net income Accounts Retained earnings, 1/1/20 c Patented technology (net) d Goodwill e Liabilities Common stock Additional paid-in capital Wisconsin $ (1,013,000) 752,000 Amounts $ (261,000) $ (803,000) (261,000) 92,500 $ (971,500) $ $1,500 415,000 925,000 765,000 Wisconsin also paid $30,300 to a broker for arranging the transaction. In addition, Wisconsin paid $41,200 in stock issuance costs Badger's equipment was actually worth $779,500, but its patented technology was valued at only $308,300 What are the consolidated balances for the following accounts? (Input all amounts as positive values) $ 2,156,500 $ (555,000) (360,000) (270,000) (971,500) $(2,156,500) Badger $ (353,000) 249,000 $ (104,000) $ (239,000) (104,000) $ (343,000) S 60,000 188,000 337,000 640,000 $ 1,225,000 $ (412,000) (200,000) (270,000) (343,000) $(1,225,000)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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00 8 On June 30, 2020, Wisconsin, Inc., issued $288,000 in debt and 17,300 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 balances in parentheses); combination, the financial statements for Wisconsin and Badger for the six-month period ending June 30, 2020, were as follows (credit 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 Accounts a Net income b. Retained earnings, 1/1/20 c. Patented technology (net) d. Goodwill e. Liabilities Common stock Additional paid-in capital Wisconsin $ (1,013,000) 752,000 $ (261,000) $(803,000) (261,000) 92,500 $ (971,500) S Wisconsin also paid $30,300 to a broker for arranging the transaction. In addition, Wisconsin paid $41,200 in stock issuance costs Badger's equipment was actually worth $779,500, but its patented technology was valued at only $308,300 What are the consolidated balances for the following accounts? (Input all amounts as positive values) Amounts $1,500 415,000 925,000 765,000 $ 2,156,500 $ (555,000) (360,000) (270,000) (971,500) $(2,156,500) Badger $ (353,000) 249,000 $ (104,000) $ (239,000) (104,000) 0 $ (343,000) $ 60,000 188,000 337,000 640,000 $ 1,225,000 $ (412,000) (200,000) (270,000) (343,000) $(1,225,000)
Transcribed Image Text:00 8 On June 30, 2020, Wisconsin, Inc., issued $288,000 in debt and 17,300 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 balances in parentheses); combination, the financial statements for Wisconsin and Badger for the six-month period ending June 30, 2020, were as follows (credit 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 Accounts a Net income b. Retained earnings, 1/1/20 c. Patented technology (net) d. Goodwill e. Liabilities Common stock Additional paid-in capital Wisconsin $ (1,013,000) 752,000 $ (261,000) $(803,000) (261,000) 92,500 $ (971,500) S Wisconsin also paid $30,300 to a broker for arranging the transaction. In addition, Wisconsin paid $41,200 in stock issuance costs Badger's equipment was actually worth $779,500, but its patented technology was valued at only $308,300 What are the consolidated balances for the following accounts? (Input all amounts as positive values) Amounts $1,500 415,000 925,000 765,000 $ 2,156,500 $ (555,000) (360,000) (270,000) (971,500) $(2,156,500) Badger $ (353,000) 249,000 $ (104,000) $ (239,000) (104,000) 0 $ (343,000) $ 60,000 188,000 337,000 640,000 $ 1,225,000 $ (412,000) (200,000) (270,000) (343,000) $(1,225,000)
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