Business, 07.05.2021 14:00 babbiegirl8035
On June 30, 2011, Wisconsin, Inc., 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, 2011, were as follows:
Wisconsin also paid $30,000 to a broker for arranging the transaction. In addition, Wisconsin paid $40,000 in stock issuance costs. Badger’s equipment was actually worth $700,000, but its patented technology was valued at only $280,000.
Required
Compute the consolidated balance of the following accounts
A. Net income.
B. Retained earnings, 1/1/11.
C. Patented technology
D. Goodwill.
E. Liabilities.
F. Common stock.
Answers: 3
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On June 30, 2011, Wisconsin, Inc., issued $300,000 in debt and 15,000 new shares of its $10 par valu...
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