On January 1, 2020, Holland Corporation paid $9 per share to a group of Zeeland Corporation shareholders to acquire 60,000 shares of Zeelands 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. Zeelands acquisition date balance sheet follows: Current assets $ 14,200 Liabilities $ 215,000 Property and equipment (net) 328,200 Common stock 100,000 Patents 192,600 Retained earnings 220,000 $ 535,000 $ 535,000 On January 1, 2020, Holland assessed the carrying amount of Zeelands 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. Zeelands acquisition-date fair values for its current assets and liabilities were equal to their carrying amounts. Any remaining excess of Zeelands 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 Amortization expense 14,200 20,800 Other operating expenses 52,800 62,900 Equity in Zeeland earnings (42,636 ) 0 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 ) Current assets $ 125,200 $ 83,500 Investment in Zeeland 589,212 0 Property and equipment (net) 839,000 261,000 Patents 149,400 149,500 Total assets $ 1,702,812 $ 494,000 Liabilities $ (392,676 ) $ (10,100 ) Common stockHolland (320,000 ) 0 Common stockZeeland 0 (100,000 ) Retained earnings 12/31 (990,136 ) (383,900 ) Total liabilities and owners equity $ (1,702,812 ) $ (494,000 ) At year-end, there were no intra-entity receivables or payables. Compute the amount of goodwill recognized in Hollands acquisition of Zeeland and the allocation of goodwill to the controlling and noncontrolling interest. Show how Holland determined its December 31, 2021, Investment in Zeeland account balance. Prepare a worksheet to determine the amounts that should appear on Hollands December 31, 2021, consolidated financial statements.