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Can someone help with the errors given in red? Having trouble figuring out these numbers On January 1, 2020, Holland Corporation pald $7 per share
Can someone help with the errors given in red? Having trouble figuring out these numbers
On January 1, 2020, Holland Corporation pald $7 per share to a group of Zeeland Corporation shareholders to acquire 60,000 shares of Zeeland's outstandIng voting stock, representing a 60 percent ownership Interest. The remalning 40,000 shares of Zeeland contInued to trade in the market close to its recent average of $5.50 per share both before and after the acquisition by Holland. Zeeland's acquisition date balance sheet follows: On January 1, 2020, Holland assessed the carrylng amount of Zeeland's equipment (5-year remalning life) to be undervalued by $59,000. Holland also determIned that Zeeland possessed unrecorded patents (10-year remalning life) worth $261,600. Zeeland's acquisition-date falr values for its current assets and llabilities were equal to their carrying amounts. Any remalning excess of Zeeland's acquisition-date falr value over its book value was attributed to goodwill. The companles' financlal statements for the year ending December 31, 2021, follow: At year-end, there were no Intra-entity recelvables or payables. At year-end, there were no Intra-entity recelvables or payables. a. Compute the amount of goodwill recognized In Holland's acquisition of Zeeland and the allocation of goodwill to the controlling an noncontrolling Interest. b. Show how Holland determined Its December 31, 2021, Investment In Zeeland account balance. c. Prepare a worksheet to determIne the amounts that should appear on Holland's December 31, 2021, consolidated financlal statements. Answer is not complete. Complete this question by entering your answers in the tabs below. 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, 2021, Investment in Zeeland account balance. (Negative amounts should be shown with a minus sign.) amounts as positive values.)
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