Question: On June 3 0 , 2 0 2 3 , Wisconsin, Incorporated, issued $ 3 0 0 , 0 0 0 in debt and 1

On June 30,2023, Wisconsin, Incorporated, issued $300,000 in debt and 15,000 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):

Items Wisconsin Badger

Revenues $ (900,000) $ (300,000)

Expenses 660,000200,000

Net income $ (240,000) $ (100,000)

Retained earnings, 1/1 $ (800,000) $ (200,000)

Net income (240,000)(100,000)

Dividends declared 90,0000

Retained earnings, 6/30 $ (950,000) $ (300,000)

Cash $ 80,000 $ 110,000

Receivables and inventory 400,000170,000

Patented technology (net)900,000300,000

Equipment (net)700,000600,000

Total assets $ 2,080,000 $ 1,180,000

Liabilities $ (500,000) $ (410,000)

Common stock (360,000)(200,000)

Additional paid-in capital (270,000)(270,000)

Retained earnings (950,000)(300,000)

Total liabilities and equities $ (2,080,000) $ (1,180,000)

Wisconsin also paid $30,000 to a broker for arranging the transaction. In addition, Wisconsin paid $40,000 in stock issuance costs. Badgers equipment was actually worth $700,000, but its patented technology was valued at only $280,000.

Required:

What are the consolidated balances for the following accounts?


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