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 equipment (net) Patents $ 15,600 329,600 210,800 $ 556,000 Liabilities Comon stock Retained earnings $ 236,000 100,000 220,000 $ 556,000 On January 1, 2020, Holland assessed the carrying amount of Zeeland's equipment (5-year remaining life) to be undervalued by $51,000. Holland also determined that Zeeland possessed unrecorded potents (10-year remaining life) worth $419,900. 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: 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 (594,300) 301,300 74,500 15,600 58,400 (44,286) (188,786) Zeeland $ (444,500) 208,000 32,400 19,400 58, 700 0 $ (126,000) $ $ Retained earnings 1/1 Net income Dividends declared Retained earnings 12/31 (821,800) (188,786) 50,000 (960,586) $ (339, 700) (126,000) 30,000 $ (435, 700) Current assets Investment in Zeeland Property and equipment (net) Patents Total assets 126,600 606,792 853,000 152,200 $ 1,738,592 $ 97,500 0 275,000 167,500 $ 540,000 Liabilities Common stock-Holland Common stock-Zeeland Retained earnings 12/31 Total liabilities and owners equity $ (458,006) (320,000) 0 (960,586) $(1,738,592) S (4,300) 0 X100,000) (435, 700) $ (540,000) 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 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 Consolidated Noncontrolling Interest Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Entries Holland Zeeland Debit Credit $ (594,300) $ (444,500) 301,300 208,000 74,500 32,400 10,200 15,600 19.400 41.990 58,400 58,700 (44,286) 0 44,286 $ (188,786) S (126,000) Totals $ (1,038,800) 509,300 117,100 76,990 117.100 0 Accounts Sales Cost of goods sold Depreciation expense Amortization expense Other operating expenses Equity in Zooland earnings Separate company net income Consolidated net income Noncontrolling interest in CNI Controlling interest not income Retained earnings 1/1 Net Income Dividends declared Retained earnings 12/31 Current assets + $ (29,524) $ 339,700 $ $ (821,800) (188,786) 50,000 $ (960,586) $ 126,600 $ (339,700) (126,000) 30,000 $ (435,700) $ 97,500 (218,310) 29,524 (188,786) (821,800) (188,786) 50,000 (960,586) 224,100 18,000 12,000 $ $ ADA an neon (188,786) $ (126,000) 339.700 18,000 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 BO $ (821,800) (188,786) 50,000 $ (960,586) $ 126,600 606,792 853,000 152,200 0 $ 1,738,592 (458,006) (320,000) $ (339,700) (126,000) 30,000 $ (435,700) $ 97,500 0 275,000 167.500 18,000 40,800 377.910 69,100 263,8203 10,200 41,990 $ (218,310) (29,524) 29,524 $ (188,786) $ (821,800) (188,786) 12,000 50,000 $ (960,586) $ 224,100 0 1.158,600 655,620 69,100 $ 2,107,420 (462,306) (320,000) (347,004) (960,586) (364,528) $ (2.107.420) 0 $ 540,000 (4.300) (100,000) ololol 100,000 175,880 (960,586) S (1.738,592) (435,700) $ (540,000) $ 1,041,986 $ 509,890