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Dn January1. 201?. Holland Corporation paid $? per share to a group of Zeeland Corporation shareholders to acquire 50,000 shares of Zeeland's outstanding voting stock. representing a 50 percent ownership interest. The remaining 40,000 shares of Zeeland continued to trade in the market close to its recent average of $5.50 per share both before and alter the acquisition by Holland. Zeeland's acquisition date balance sheet follows: Current assets 5 16,1 Liabilities $ 243,500 Property and equipment [net] 23,l Common stool: l, Patents 21?,3DD Retained earnings 12, 5 463,5\"! 5 463,5\"! ' On January 1, 2017, Holland assessed the carrying amount of Zeeland's equipment (5-year remaining life) to be undervalued by $46,000. Holland also determined that Zeeland possessed unrecorded patents (10-year remaining life) worth $275,200. Zeeland's acquisition-date fair values for its current assets and liabilities were equal to their carrying amounts. Any remaining excess of Zeeland's acquisition-date fair value over its book value was attributed to goodwill. The companies' financial statements for the year ending December 31, 2018, follow: Holland Zeeland Sales $ (535, 800) $ ( 449, 500) Cost of goods sold 271, 800 210,500 Depreciation expense 67,000 31,900 Amortization expense 16, 100 18,900 Other operating expenses 60, 400 57, 200 Equity in Zeeland earnings (56,568) Separate company net income $ (177, 068) $ (131, 000) Retained earnings 1/1 $ (822, 300) $ ( 353, 200) Net income (177, 068) (131, 000) Dividends declared 50,000 30,000 Retained earnings 12/31 $ (949, 368) $ ( 454, 200) Current assets S 127, 100 $ 102,500 Investment in Zeeland 576, 456 0 Property and equipment (net) 858, 000 280,000 Patents 153, 200 177,500 Total assets $ 1, 714, 756 $ 560,000 Liabilities $ (445, 388) $ (5,800) Common stock - Holland (320,000) 0 Common stock - Zeeland 0 (100, 000) Retained earnings 12/31 (949, 368) (454, 200) Total liabilities and owners equity $ (1, 714, 756) $ ( 560, 000)At year-end, there were no intra-entity receivables or payables. a. Compute the amount of goodwill recognized in Holland's acquisition of Zeeland and the allocation of goodwill to the controlling and noncontrolling interest. b. Show how Holland determined its December 31, 2018, Investment in Zeeland account balance. c. Prepare a worksheet to determine the amounts that should appear on Holland's December 31, 2018, consolidated financial statements. Complete this question by entering your answers in the tabs below. Req A and B Req C a. Compute the amount of goodwill recognized in Holland's acquisition of Zeeland and the allocation of goodwill to the controlling and noncontrolling interest. b. Show how Holland determined its December 31, 2018, Investment in Zeeland account balance. Amount a1. Goodwill Controlling Interest NCI a2. Goodwill allocation Amount b. Investment in Zeeland 12/31/18Accounts Holland Leeland Debit Greait Interest Totals Sales $ (535,800) $ (449,500) Cost of goods sold 271,800 210,500 Depreciation expense 67,000 31,900 Amortization expense 16,100 18,900 Other operating expenses 60,400 67,200 Equity in Zeeland earnings (56,568) 0 Separate company net income $ (177,068) $ (131,000) Consolidated net income 0 Noncontrolling interest in CNI Controlling interest net income Retained earnings, 1/1/18 $ (822,300) $ (353,200) Net income (177,068) (131,000) Dividends declared 50,000 30,000 Retained earnings, 12/31 $ (949,368) $ (454,200) 0 Current assets $ 127,100 $ 102,500 Investment in Zeeland, Inc 576,456 0 Property and equipment (net) 858,000 280,000 Patents 153,200 177,500 Goodwill 0 Total assets $ 1,714,756 $ 560,000 $ Liabilities (445,388) (5,800) Common stock (320,000) (100,000) Noncontrolling interest Retained earnings, 12/31 949,368 (454,200) Total liabilities and equities $ (1.714 756)| $ (560,000)| $ o $ 0 $ 0
