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 $ 14, 200 Liabilities 328,200 Common stock 192,600 Retained earnings $ 535,000 $ 215,000 100,000 220,000 $ 535,600 On January 1, 2020, Holland assessed the carrying amount of Zeeland's equipment (5-year remaining life) to be undervalued by $57,000. Holland also determined that Zeeland possessed unrecorded patents (10-year remaining life) worth $295,400, 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: Holland Zeeland Sales $ (663,900) $ (430,500) Cost of goods sold 336,800 201,000 Depreciation expense 83,000 33,800 Anortization expense 14,200 20,800 Other operating expenses 52,800 62,900 Equity in Zeeland earnings (42,636) Separate company net income $(219,736) $(112,000) Retained earnings 1/1 $ (820,400) $(301,900) Net income (219, 736) (112,000) Dividends declared 50,000 30,000 Retained earnings 12/31 $(990, 136) $(383,900) @ $ 83,500 Current assets Investment in Zeeland Property and equipment (net) Patents Total assets $ 125,200 589,212 839,000 149,400 $ 1,702,812 261,000 149,500 $ 494,000 Ches OrtizOLLUR expense Other operating expenses Equity in Zeeland earnings Separate company net income 1,200 52,800 (42,636) $ (219,736) 20,000 62,900 0 $(112,600) Retained earnings 1/1 Net income Dividends declared Retained earnings 12/31 $ (820,400) (219,736) 50,000 $ (990,136) $(301,900) (112,000) 30,000 $(383,900) Current assets Investment in Zeeland Property and equipment (net) Patents Total assets $ 125,200 589,212 839,000 149,480 $ 1,702,812 $ 83,500 0 261,600 149,500 $ 494,000 Liabilities Common stock-Holland Common stock-Zeeland Retained earnings 12/31 Total Liabilities and owners equity $ (392,676) $ (10, 100) (320,000) @ (100,000) (990, 136) (383,900) $(1,702,812) $(494,000) At year-end, there were no intro-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 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. Investment in Zeeland 12/31/21 Change in Zeeland's RE Excess amortization Investment in Zeeland $ Reqc