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On June 30, 2017, Wisconsin, Inc., issued $358,600 in debt and 17,500 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, 2017, were as follows:
Wisconsin
Badger
Revenues Expenses
Net income
Retained earnings, 1/1 Net income
Dividends declared
$(1,021,000)
692,000
$ (411,000)
223,000
$ (329,000)
$ (188,000)
$ (888,000)
(329,000) 114,750
$ (228,000)
(188,000)
0
Retained earnings, 6/30
$(1,102,250)
$ (416,000)
Cash
$ 142,250
$ 127,000
Receivables and inventory
434,000
267,000
Patented technology (net)
940,000
345,000
Equipment (net)
787,000
614,000
Total assets
$ 2,303,250
$ 1,353,000
Liabilities
$ (571,000)
$ (467,000)
Common stock
(360,000)
(200,000)
Additional paid-in capital
(270,000)
Retained earnings
(1,102,250)
(416,000)
Total liabilities and equities
$(2,303,250)
$(1,353,000)
Point 1: Wisconsin also paid $38,600 to a broker for arranging the transaction. In addition, Wisconsin paid $42,000 in stock issuance costs. Badger's equipment was actually worth $759,500, but its patented technology was valued at only $318,500.
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