Check On January 1, 2020, Holland Corporation paid $9 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 remaining 40,000 shares of Zeeland continued to trade in the market close to its recent average of $8.00 per share both before and after the acquisition by Holland Zeeland's acquisition date balance sheet follows: Current assets Property and equipent net Patents $ 14,200 Liabilities 328,200 Common stock 192,600 Retained earnings $ 535,000 $215,000 100,000 220,000 $ 535,000 On January 1, 2020. Holland assessed the carrying amount of Zeeland's equipment (5-year remaining life) to be undervalued by $57,000. Holland also determined that Zeeland possessed unrecorded patents (10-year remaining life) worth $295,400, 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, 2021. follow: Holland Zeeland Sales (669,900) $(430,500) Cost of goods sold 336,800 201.000 Depreciation expense 33,00 33,800 Anortiration expense 14,200 20,000 Other operating expenses 52.88 62.900 Equity in Zeeland earnings 142,636 Separate company net income (219,736) 5112.000) Retained earnings 1/1 Net Income Dividends declared Retained earnings 12/31 120,000 (213,7361 50.00 1990, 136) 1301.900) 112,000) 30,000 $(383,900) 5 3,500 Current assets Investment in Zeeland Property and equipment at Patents Total assets 5 125.200 569.212 139.000 149.40 $ 1,702,012 261.00 149.500 149.000 111 NA > DOTY Net Income Dividends declared Retained earnings 12/31 LOL, (219, 736) 50,000 $ (990,136) 1,0 (112,000) 30,000 $(383,900) $ 83,500 Current assets Investment in Zeeland Property and equipment (net) Patents Total assets $ 125,200 589,212 839,000 149,400 $ 1,702,812 261,000 149,500 $494,000 $(392,676) (320,000) Liabilities Common stock-Holland Common stock-Zeeland Retained earnings 12/31 Total liabilities and owners equity $ 10,100) 0 (100,000) (383,990) $(494,000) (990, 136) $61,702,812) 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, 2021. Investment in Zeeland account balance. c. Prepare a worksheet to determine the amounts that should appear on Holland's December 31, 2021, consolidated financial statements Complete this question by entering your answers in the tabs below. Req A and Regc 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) Complete this question by entering your answers in the tabs below. Reg A and B ReqC 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.) Show less Amount a1. Goodwill Controlling Interest NCI 12 Goodwill allocation Amount b Investment in Zeeland 12/31/21 Change in Zeeland's RE Excess amortization Investment in Zeeland $ Reqc > Noncontrolling Interest Consolidated Totals Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Entries Holland Zeeland Debit Credit $ (663,900) $ (430,500) 336,800 201.000 83,000 33,800 14,200 20.800 52,800 62.900 (42,636) 0 $ (219,736) S (112,000) Accounts Sales Cost of goods sold Depreciation expense Amortization expense Other operating expenses Equity in Zeeland eemings Separate company net income Consolidated net income Noncontrolling interest in CNI Controlling interest net income Retained earnings 1/1 Net income Dividends declared Retained earnings 12/31 Current assets Investment in Zeeland. Inc Property and equipment (net) Patents Goodwill Total assets Liabilities Common stock Noncontrolling interest Retained earnings 12/31 Total liabilities and equities $ (820.400) S (301,900) (219.736) (112,000 50,000 30,000 S (990,136) S (383.900) s 125,200 $ 83,500 589.212 0 839,000 261,000 149.400 149,500 0 0 5 1.702.8125 494,000 (392,676) (10.100) (320,000) (100,000) (990,136) (383,900) 5 (1.702 812) S (494,000) S OS 0 Next > Check On January 1, 2020, Holland Corporation paid $9 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 remaining 40,000 shares of Zeeland continued to trade in the market close to its recent average of $8.00 per share both before and after the acquisition by Holland Zeeland's acquisition date balance sheet follows: Current assets Property and equipent net Patents $ 14,200 Liabilities 328,200 Common stock 192,600 Retained earnings $ 535,000 $215,000 100,000 220,000 $ 535,000 On January 1, 2020. Holland assessed the carrying amount of Zeeland's equipment (5-year remaining life) to be undervalued by $57,000. Holland also determined that Zeeland possessed unrecorded patents (10-year remaining life) worth $295,400, 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, 2021. follow: Holland Zeeland Sales (669,900) $(430,500) Cost of goods sold 336,800 201.000 Depreciation expense 33,00 33,800 Anortiration expense 14,200 20,000 Other operating expenses 52.88 62.900 Equity in Zeeland earnings 142,636 Separate company net income (219,736) 5112.000) Retained earnings 1/1 Net Income Dividends declared Retained earnings 12/31 120,000 (213,7361 50.00 1990, 136) 1301.900) 112,000) 30,000 $(383,900) 5 3,500 Current assets Investment in Zeeland Property and equipment at Patents Total assets 5 125.200 569.212 139.000 149.40 $ 1,702,012 261.00 149.500 149.000 111 NA > DOTY Net Income Dividends declared Retained earnings 12/31 LOL, (219, 736) 50,000 $ (990,136) 1,0 (112,000) 30,000 $(383,900) $ 83,500 Current assets Investment in Zeeland Property and equipment (net) Patents Total assets $ 125,200 589,212 839,000 149,400 $ 1,702,812 261,000 149,500 $494,000 $(392,676) (320,000) Liabilities Common stock-Holland Common stock-Zeeland Retained earnings 12/31 Total liabilities and owners equity $ 10,100) 0 (100,000) (383,990) $(494,000) (990, 136) $61,702,812) 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, 2021. Investment in Zeeland account balance. c. Prepare a worksheet to determine the amounts that should appear on Holland's December 31, 2021, consolidated financial statements Complete this question by entering your answers in the tabs below. Req A and Regc 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) Complete this question by entering your answers in the tabs below. Reg A and B ReqC 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.) Show less Amount a1. Goodwill Controlling Interest NCI 12 Goodwill allocation Amount b Investment in Zeeland 12/31/21 Change in Zeeland's RE Excess amortization Investment in Zeeland $ Reqc > Noncontrolling Interest Consolidated Totals Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Entries Holland Zeeland Debit Credit $ (663,900) $ (430,500) 336,800 201.000 83,000 33,800 14,200 20.800 52,800 62.900 (42,636) 0 $ (219,736) S (112,000) Accounts Sales Cost of goods sold Depreciation expense Amortization expense Other operating expenses Equity in Zeeland eemings Separate company net income Consolidated net income Noncontrolling interest in CNI Controlling interest net income Retained earnings 1/1 Net income Dividends declared Retained earnings 12/31 Current assets Investment in Zeeland. Inc Property and equipment (net) Patents Goodwill Total assets Liabilities Common stock Noncontrolling interest Retained earnings 12/31 Total liabilities and equities $ (820.400) S (301,900) (219.736) (112,000 50,000 30,000 S (990,136) S (383.900) s 125,200 $ 83,500 589.212 0 839,000 261,000 149.400 149,500 0 0 5 1.702.8125 494,000 (392,676) (10.100) (320,000) (100,000) (990,136) (383,900) 5 (1.702 812) S (494,000) S OS 0 Next >