Homework Help is Here – Start Your Trial Now!
Business
Accounting
On June 30, 2020, Wisconsin, Inc., issued $274,800 in debt and 17,700 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, 2020, were as follows (credit balances in parentheses): Revenues Expenses Net income Retained earnings, 1/11 Net income Dividends declared. Retained earnings, 6/301 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 Badger $ (396,000) 289,000 $ (282,000) $ (107,000) $ (818,000) (282,000) 98,750 $ (218,000) (107,000) 0 $ (1,001,250) $ (325,000) $ 86,250 $ 62,000 457,000 161,000 905,000 333,000 760,000 $ 2,208,250 $ (577,000) (360,000) (270,000) (1,001,250) $(2,208,250) 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 as positive values) Answer is not complete. Accounts Amounts a. Net income $ 242,500 b. Retained earnings, 1/1/20 $ 818,000 C. Patented technology (net) $ 1,213,200 d. Goodwill $ 62,600 e. Liabilities $ 1,275,800 f. Common stock $ 537,000 9- Additional paid-in capital

On June 30, 2020, Wisconsin, Inc., issued $274,800 in debt and 17,700 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, 2020, were as follows (credit balances in parentheses): Revenues Expenses Net income Retained earnings, 1/11 Net income Dividends declared. Retained earnings, 6/301 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 Badger $ (396,000) 289,000 $ (282,000) $ (107,000) $ (818,000) (282,000) 98,750 $ (218,000) (107,000) 0 $ (1,001,250) $ (325,000) $ 86,250 $ 62,000 457,000 161,000 905,000 333,000 760,000 $ 2,208,250 $ (577,000) (360,000) (270,000) (1,001,250) $(2,208,250) 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 as positive values) Answer is not complete. Accounts Amounts a. Net income $ 242,500 b. Retained earnings, 1/1/20 $ 818,000 C. Patented technology (net) $ 1,213,200 d. Goodwill $ 62,600 e. Liabilities $ 1,275,800 f. Common stock $ 537,000 9- Additional paid-in capital

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
On June 30, 2020, Wisconsin, Inc., issued $274,800 in debt and 17,700 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, 2020, were as follows (credit balances in parentheses): Revenues Expenses Net income Retained earnings, 1/11 Net income Dividends declared. Retained earnings, 6/301 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 Badger $ (396,000) 289,000 $ (282,000) $ (107,000) $ (818,000) (282,000) 98,750 $ (218,000) (107,000) 0 $ (1,001,250) $ (325,000) $ 86,250 $ 62,000 457,000 161,000 905,000 333,000 760,000 $ 2,208,250 $ (577,000) (360,000) (270,000) (1,001,250) $(2,208,250) 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 as positive values) Answer is not complete. Accounts Amounts a. Net income $ 242,500 b. Retained earnings, 1/1/20 $ 818,000 C. Patented technology (net) $ 1,213,200 d. Goodwill $ 62,600 e. Liabilities $ 1,275,800 f. Common stock $ 537,000 9- Additional paid-in capital
Transcribed Image Text:On June 30, 2020, Wisconsin, Inc., issued $274,800 in debt and 17,700 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, 2020, were as follows (credit balances in parentheses): Revenues Expenses Net income Retained earnings, 1/11 Net income Dividends declared. Retained earnings, 6/301 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 Badger $ (396,000) 289,000 $ (282,000) $ (107,000) $ (818,000) (282,000) 98,750 $ (218,000) (107,000) 0 $ (1,001,250) $ (325,000) $ 86,250 $ 62,000 457,000 161,000 905,000 333,000 760,000 $ 2,208,250 $ (577,000) (360,000) (270,000) (1,001,250) $(2,208,250) 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 as positive values) Answer is not complete. Accounts Amounts a. Net income $ 242,500 b. Retained earnings, 1/1/20 $ 818,000 C. Patented technology (net) $ 1,213,200 d. Goodwill $ 62,600 e. Liabilities $ 1,275,800 f. Common stock $ 537,000 9- Additional paid-in capital
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS