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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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