On January 1, 2023, 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 On January 1, 2023, Holland assessed the carrying amount of Zeeland's equipment (5-year remaining life) to be undervalued by $50,000. Holland also determined that Zeeland possessed unrecorded patents (10-year remaining life) worth $420,100. 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 vill. The companies' financial statements for the year ending December 31, 2024, follow: Account Sales Cost of goods sold Depreciation expense Amortization expense Other operating expenses Equity in Zeeland earnings Separate company net income Retained earnings, 1/1 Net income Dividends declared Retained earnings, 12/31 Current assets Investment in Zeeland Property and equipment (net) Patents Total assets Liabilities $ 15,700 Liabilities 329,700 Common stock 212,100 Retained earnings $ 557,500 Common stock-Holland Common stock-Zeeland Retained earnings. 12/31 Holland $ (582,600) 295,400 73,000 15,700 58,800 (44,994) $ (184,694) $ (821,900) (184,694) 50,000 $ (956,594) $ 126,700 609,228 854,000 152,400 $ 1,742,328 $ (465,734) (320,000) (956.594) $ 237,500 100,000 220,000 $ 557,500 0 Zeeland $ (445,500) 208,500 32,300 19,300 58,400 0 $ (127,000) $ (342,400) (127,000). 30,000 $ (439,400) $ 98,500 0 276,000 168,500 $ 543,000 $ (3,600) 0 (100,000) (439.400)

On January 1,2023, 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: On January 1, 2023, Holland assessed the carrying amount of Zeeland's equipment (5-year remaining life) to be undervalued by $50,000. Holland also determined that Zeeland possessed unrecorded patents (10-year remaining life) worth $420,100. 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 Decemtier 31,2024 , follow