On June 30, 2015, Wisconsin, Inc., issued $109,300 in debt and 22,800 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, 2015, were as follows:
| Wisconsin |
Badger |
| Revenues |
$ |
(1,001,000 |
) |
$ |
(428,000) |
|
| Expenses |
|
741,000 |
|
|
297,000 |
|
| |
|
|
|
|
|
|
| Net income |
$ |
(260,000 |
) |
$ |
(131,000) |
|
| |
|
|
|
|
|
|
| Retained earnings, 1/1 |
$ |
(815,000 |
) |
$ |
(277,000) |
|
| Net income |
|
(260,000 |
) |
|
(131,000) |
|
| Dividends declared |
|
103,500 |
|
|
0 |
|
| |
|
|
|
|
|
|
| Retained earnings, 6/30 |
$ |
(971,500 |
) |
$ |
(408,000) |
|
| |
|
|
|
|
|
|
| Cash |
$ |
62,500 |
|
$ |
122,000 |
|
| Receivables and inventory |
|
463,000 |
|
|
172,000 |
|
| Patented technology (net) |
|
927,000 |
|
|
321,000 |
|
| Equipment (net) |
|
728,000 |
|
|
637,000 |
|
| |
|
|
|
|
|
|
| Total assets |
$ |
2,180,500 |
|
$ |
1,252,000 |
|
| |
|
|
|
|
|
|
| Liabilities |
$ |
(579,000 |
) |
$ |
(374,000) |
|
| Common stock |
|
(360,000 |
) |
|
(200,000) |
|
| Additional paid-in capital |
|
(270,000 |
) |
|
(270,000) |
|
| Retained earnings |
|
(971,500 |
) |
|
(408,000) |
|
| |
|
|
|
|
|
|
| Total liabilities and equities |
$ |
(2,180,500 |
) |
$ |
(1,252,000) |
Note: Parentheses indicate a credit balance.
Wisconsin also paid $31,400 to a broker for arranging the transaction. In addition, Wisconsin paid $47,400 in stock issuance costs. Badger's equipment was actually worth $757,000, but its patented technology was valued at only $293,300.
What are the consolidated balances for the following accounts? (Input all amounts as positive values.)
Accounts Amounts
a. Net income.
b. Retained earnings, 1/1/15.
c. Patented technology.
d. Goodwill. e. Liabilities.
f. Common stock.
g. Additional paid-in capital.