Homework Help is Here – Start Your Trial Now!
Business
Accounting
On June 30, 2023, Wisconsin, Incorporated, issued $392,500 in debt and 15,400 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, 2023, were as follows (credit balances in parentheses): Revenues Expenses Items 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 Wisconsin $ (1,023,000) 692,000 $ (331,000) a. Net income b. Retained earnings, 1/1/23 c. Patented technology (net) d. Goodwill e. Liabilities f. Common stock g. Additional paid-in capital $ (813,000) (331,000) 108,500 $ (1,035,500) $ 102,500 419,000 948,000 771,000 Amounts $ 2,240,500 $ (575,000) (360,000) (270,000) Required: What are the consolidated balances for the following accounts? Note: Input all amounts as positive values Badger $ (305,000) 202,000 $ (103,000) $ (294,000) (103,000) 0 Wisconsin also paid $31,700 to a broker for arranging the transaction. In addition, Wisconsin paid $49,200 in stock issuance costs. Badger's equipment was actually worth $800,500, but its patented technology was valued at only $326,000. $ (397,000) $ 100,000 159,000 354,000 697,000 $ 1,310,000 $ (443,000) (200,000) (270,000) (397,000) (1,035,500) $ (2,240,500) $ (1,310,000)

On June 30, 2023, Wisconsin, Incorporated, issued $392,500 in debt and 15,400 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, 2023, were as follows (credit balances in parentheses): Revenues Expenses Items 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 Wisconsin $ (1,023,000) 692,000 $ (331,000) a. Net income b. Retained earnings, 1/1/23 c. Patented technology (net) d. Goodwill e. Liabilities f. Common stock g. Additional paid-in capital $ (813,000) (331,000) 108,500 $ (1,035,500) $ 102,500 419,000 948,000 771,000 Amounts $ 2,240,500 $ (575,000) (360,000) (270,000) Required: What are the consolidated balances for the following accounts? Note: Input all amounts as positive values Badger $ (305,000) 202,000 $ (103,000) $ (294,000) (103,000) 0 Wisconsin also paid $31,700 to a broker for arranging the transaction. In addition, Wisconsin paid $49,200 in stock issuance costs. Badger's equipment was actually worth $800,500, but its patented technology was valued at only $326,000. $ (397,000) $ 100,000 159,000 354,000 697,000 $ 1,310,000 $ (443,000) (200,000) (270,000) (397,000) (1,035,500) $ (2,240,500) $ (1,310,000)

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, 2023, Wisconsin, Incorporated, issued $392,500 in debt and 15,400 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, 2023, were as follows (credit balances in parentheses): Revenues Expenses Items 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 Required: What are the consolidated balances for the following accounts? Note: Input all amounts as positive values a. Net income b. Retained earnings, 1/1/23 c. Patented technology (net) d. Goodwill e. Liabilities Wisconsin $ (1,023,000) 692,000 $ (331,000) $ (813,000) (331,000) 108,500 f. Common stock g. Additional paid-in capital Amounts Badger $ (305,000) 202,000 $ (103,000) $ (294,000) (103,000) Wisconsin also paid $31,700 to a broker for arranging the transaction. In addition, Wisconsin paid $49,200 in stock issuance costs. Badger's equipment was actually worth $800,500, but its patented technology was valued at only $326,000. 0 $ (1,035,500) $ 102,500 419,000 948,000 771,000 $ 2,240,500 $ (575,000) (360,000) (270,000) (1,035,500) $ (2,240,500) $ (1,310,000) $ (397,000) $ 100,000 159,000 354,000 697,000 $ 1,310,000 $ (443,000) (200,000) (270,000) (397,000)
Transcribed Image Text:On June 30, 2023, Wisconsin, Incorporated, issued $392,500 in debt and 15,400 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, 2023, were as follows (credit balances in parentheses): Revenues Expenses Items 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 Required: What are the consolidated balances for the following accounts? Note: Input all amounts as positive values a. Net income b. Retained earnings, 1/1/23 c. Patented technology (net) d. Goodwill e. Liabilities Wisconsin $ (1,023,000) 692,000 $ (331,000) $ (813,000) (331,000) 108,500 f. Common stock g. Additional paid-in capital Amounts Badger $ (305,000) 202,000 $ (103,000) $ (294,000) (103,000) Wisconsin also paid $31,700 to a broker for arranging the transaction. In addition, Wisconsin paid $49,200 in stock issuance costs. Badger's equipment was actually worth $800,500, but its patented technology was valued at only $326,000. 0 $ (1,035,500) $ 102,500 419,000 948,000 771,000 $ 2,240,500 $ (575,000) (360,000) (270,000) (1,035,500) $ (2,240,500) $ (1,310,000) $ (397,000) $ 100,000 159,000 354,000 697,000 $ 1,310,000 $ (443,000) (200,000) (270,000) (397,000)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE 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