Reference no: EM132595540
Question - On June 30, 2017, Wisconsin, Inc., issued $407,700 in debt and 13,500 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 $(958,000) $(345,000)
Expenses 668,000 228,000
Net income $(290,000) $(117,000)
Retained earnings, 1/1 $(886,000) $(222,000)
Net income (290,000) (117,000)
Dividends declared 104,000 0
Retained earnings, 6/30 $(1,072,000) $(339,000)
Cash $118,000 $120,000
Receivables and inventory 408,000 151,000
Patented technology (net) 973,000 273,000
Equipment (net) 730,000 683,000
Total assets $2,229,000 $1,227,000
Liabilities $(527,000) $(418,000)
Common stock (360,000) (200,000)
Additional paid-in capital (270,000) (270,000)
Retained earnings (1,072,000) (339,000)
Total liabilities and equities $(2,229,000) $(1,227,000)
Wisconsin also paid $31,900 to a broker for arranging the transaction. In addition, Wisconsin paid $43,600 in stock issuance costs. Badger's equipment was actually worth $788,000, but its patented technology was valued at only $251,100.
Required - What are the consolidated balances for the following accounts?