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 $5.00 per share both before and after the acquisition by Holland, Zeeland's acquisition date balance sheet follows: Current assets Property and sent (net) Patents $ 14,700 vilties 200,700 Common stock 199.10 Metained earnings 422,500 $ 222.500 100,000 100.000 422.500 On January 1, 2020. Holland assessed the carrying amount of Zeeland's equipment (5-year remaining life) to be undervalued by $62.000. Holland also determined that Zeeland possessed unrecorded patents (10-year remaining life worth $226,900 Zeeland's acquisition date fair values for its current assets and Mobilities were equal to the carrying amounts Any remaining excess of Zeeland's acquisition date fax value over its book value was attributed to goodwill The companies financial statements for the year ending December 30 2021 Follow De Sales 23.0) 3 (35.500) Cort of gods sold . 203.500 Deprecationespense . ortonese 14. 2010 Other rettes 14.00 6.40 quity teland 1145 5245,3) 117.000) But (e. 5031500) (34) 11, Detare Betalningar 563.015, 102.00 Current ned 2. . . stand de 12 At year end there were no intra-entity receivables or payables. .. 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 toy entering your answers in the tabs below. a Compute the amount of goodwill recognized in and son of and and the section till to the Controlling and controlling interest Show womand determined December 31, 2021. Instant in zautand count balance (mile waunty bound 51100 Cost NO 12 1010 HegC) Consoon totes Debit Credit NonControlling Interest Accounts 4 of 4 Holland Zeeland $(722.400) 5 (435 500) 366,300 203.500 90.500 33 300 14 700 20 300 54 800 61 400 (49.146) 0 $ 245 246) 5 (117 000) consolidated Totals $ 1.157.900 569.800 136.200 57.690 116,200 12 400 22.6901 49.146 cost or goods sold Depreciation expense Amortization expense Other operating expenses Equity in Zeeland carings Separate company net income Consolidated not income Noncontrolling Interest in CNI Controlling interest net income Retained earnings 1/1 Net Income Dividends decared Retained earnings 12/31 Cunun Investment in Zeeland Inc Property and equipment 5 020 900) 5 (315.400) 245 245) (117000) 50.000 30 000 51016186) 402 400) 126 700 5 3 500 558332 0 864.000 6 000 150.400 154.500 . 167902 500 000 (33200 1600) 120.000 (100 000 Goode Total Commons Now Ratings 12/31 (1.011 (102100) 3.1.679425509.0005 2305
