On January 1, 2020, Holland Corporation paid $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 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 after the acquisition by Holland. Zeeland's acquisition date balance sheet follows: Current assets $ 14,600 Property and equipment (net) Patents $ 441,000 228,600 197,800 Liabilities Common stock Retained earnings $ 221,000 100,000 120,000 $ 441,000 On January 1, 2020, Holland assessed the carrying amount of Zeeland's equipment (5-year remaining life) to be undervalued by $61,000. Holland also determined that Zeeland possessed unrecorded patents (10-year remaining life) worth $258,300. 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 Holland $ (710,700) 360,400 89,000 14,600 Zeeland $ (434,500) 203,000 33,400 20,400 Separate company net income Retained earnings 1/1 Net income Dividends declared Retained earnings 12/31 Current assets Investment in Zeeland Property and equipment (net) Patents Total assets Liabilities Common stock-Holland Common stock-Zeeland Retained earnings 12/31 54,400 (46,782) $ (239,082) $ (820,800) (239,082) 50,000 $(1,009,882) $ 125,600 541,584 843,000 150,200 $ 1,660,384 $ (330,502) (320,000) 61,700 0 $ (116,000) $ (312,700) (116,000) 30,000 $ (398,700) $ 87,500 265,000 153,500 $ 506,000 $ (7,300) 0 (100,000) (1,009,882) (398,700) Total liabilities and owners equity $(1,660,384) $ (506,000) c. Prepare a worksheet to determine the amounts that should appear on Holland's December 31, 2021, consolidated financial statements.