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 $6.00 per share both before and after the acquisition by Holland. Zeeland's acquisition date balance sheet follows: Current assets Property and equipment (net) Patents 15.200 Liabili 249,200 Common stock 205,000 Retained earings $470,000 $ 230,000 100.000 140,000 $470,000 On January 1, 2020, Holland assessed the carrying amount of Zeeland's equipment (5-year remaining life) to be undervalued by $67,000. Holland also determined that Zeeland possessed unrecorded patents (10-year remaining fo) worth $283,900. Zeeland's acquisition-date fair values for its current assets and tabiites 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 $ (780,900) $ (440,500) Cost of goods sold 395.800 206.000 Depreciation expense 98.000 32,800 Amortization expense 15,200 19,800 Other operating expenses 56,800 59.900 Equity in Zeeland namings (48,126) 0 Separate company net income $ (263.226) $ (122.000) Retained eamings 1/1 $ (821,400) (328,000) Net income (263.220) (122.000) Dividends declared 50.000 30,000 Retained earnings 1201 5 (1.034.82) $ (420,000) Current assets $ 126,200 $ 93.500 Investment in Zeeland 530.392 Property and equipment (net) 849,000 271,000 Patents 151,400 159.500 Total assets $ 1.664,092 524.000 Labtes $ (310.306) $ (3.100) Common stock-Holland (320,000) Common stock-Zeeland 0 (100,000) Retained earnings 12/31 (1.034426) (420.900) Total labies and owners equity (1,664,992) $ (524,000) 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, 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 at. Goodwill Amount Controlling Interest NCI 02. Goodwill allocation Amount Intal Value Change in Zeeland's RE Excess amortization Investment in Zeeland HOLLAND CORPORATION AND ZEELAND CORPORATION Cacation Work For Year Ending December 31, 2021 Accounts Haland Bales Zeland $760,900 $440.500) Consolidation Entries Debit Credi Noncontrolling Consolidated Interst Totals Coal of goods sold Depreciation experse Amortization exp Char operating expenses Equity in Zeeland camins Seperate company net income Canastated net income Mancontrolling andere CNI Controling interest net income Retained eamings 1/1 Net income Dividends declared Retained earrings 1231 (265.226) $ (122.000) 21,400 $320.000) (263236) (122.000) $0,000 30.000 $ (1,004,626) $ (420000) 35,800 205.000 $8,000 32.600 15,200 19.000 $6,000 $9,900 140,126) Current assets $ 126300 $ 93.500 Investment in Zosland, Inc Property and equipment() 530.392 840,000 Patents 151,400 271,000 150,500 Goodwil 0 0 Total asses $ 1.064.002 Labies Common stock Ratanec amings 12/31 Total labies and eques (1034626) (420.000) $11.004,992) (24.000) s 310.30 320,000 624.000 (3,100) (100,000) and C