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If possible please format like entries below and show calculations. On January 1, 2020, Holland Corporation paid $8 per share to a group of Zeeland

If possible please format like entries below and show calculations.

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On January 1, 2020, Holland Corporation paid $8 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 $7.00 per share both before and after the acquisition by Holland. Zeeland's acquisition date balance sheet follows: Current assets Property and equipment (net) Patents $ 14,900 288,900 201,700 $ 505,500 Liabilities Common stock Retained earnings $ 225,500 100,000 180,000 $ 505,500 On January 1, 2020, Holland assessed the carrying amount of Zeeland's equipment (5-year remaining life) to be undervalued by $64,000. Holland also determined that Zeeland possessed unrecorded patents (10-year remaining life) worth $345,200. 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, 2021, follow: Sales Cost of goods sold Depreciation expense Amortization expense Other operating expenses Equity in Zeeland earnings Separate company net income Holland $ (745,800) 378, 100 93,500 14,900 55,600 (43,008) $ (246,708) Zeeland $ (437,500) 204,500 33, 100 20,100 60,800 0 $ (119,000) Retained earnings 1/1 Net income Dividends declared Retained earnings 12/31 $ (821,100) (246,708) 50,000 $(1,017,808) $ (320, 800) (119,000) 30,000 $ (409, 800) Current assets Investment in Zeeland Property and equipment (net) Patents Total assets $ 125,900 561,096 846,000 150,800 $ 1,683,796 $ 90,500 268,000 156,500 $ 515,000 $ (345,988) (320,000) Liabilities Common stock-Holland Common stock-Zeeland Retained earnings 12/31 Total liabilities and owners equity $ (5,200) (100,000) (409, 800) $ (515,000) (1,017,808) $(1,683,796) 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 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 a2. Goodwill allocation Amount b. Initial Value Change in Zeeland's RE Excess amortization Investment in Zeeland $ Complete this question by entering your answers in the tabs below. Req A and B Reqc Prepare a worksheet to determine the amounts that should appear on Holland's December 31, 2021, consolidated financial statements. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) Show less HOLLAND CORPORATION AND ZEELAND CORPORATION Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Entries Noncontrolling Consolidated Accounts Holland Zeeland Debit Credit Interest Totals Sales $ (745,800) $ (437,500) Cost of goods sold 378,100 204,500 Depreciation expense 93,500 33,100 Amortization expense 14,900 20,100 Other operating expenses 55,600 60,800 Equity in Zeeland earnings (43,008) 0 Separate company net income $ (246,708) $ (119,000) Consolidated net income Noncontrolling interest in CNI Controlling interest net income Retained earnings 1/1 $ (821,100) $ (320,800) Net income (246,708) (119,000) Dividends declared 50,000 30,000 Retained earnings 12/31 $ (1,017,808) $ (409,800) Current assets $ 125,900 $ 90,500 Investment in Zeeland, Inc 561,096 0 Property and equipment (net) 846,000 268,000 Patents 150,800 156,500 Goodwill 0 0 Total assets $ 1,683,796 $ 515,000 Liabilities (345,988) (5,200) Common stock (320,000) (100,000) Noncontrolling interest Retained earnings 12/31 (1,017,808) (409,800) Total liabilities and equities $ (1,683,796) $ (515,000) S S 0 0

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