On January 2017 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 followe Current Property and the Patent 15,90 Lt 300 Common stock Retained in $427,000 422 On January 1 2017. Holland assessed the carrying amount of Zeeland's equipment (5-year remaining life to be undervalued by $65,000. Holland also determined that Zeeland possessed unrecorded patents (10-year remaining life worth $226,600 Zeeland acquisition date fair values for its current assets and liabilities were equal to their carrying amounts. Any remaining excess of Zeeland's acquisition-cote fair value over its book value was attributed to goodwill The companies financial statements for the year ending December 31, 2018, follow old Sales $(37,500) 5 (438,500) Cost of goods sold 164,000 205,000 Depreciation expense 95.000 33.000 Amortization expense 15.000 20.000 Other operating penses 59,000 10.50 Tority in Deland in 10.000 Separate competic 5258.104) $ 120,000 Batandaning 1/1 $ 121,200) $ 23,500) et Inc (250,100) (130,000 Didende declared 50.000 10 trading 12/31 31.029,504) $($13,500) Current 5 126,000 Int in Land 305.00 Property and quant (net) 149.00 209.00 Patente 2525 Total Llabilities $ (0,004) (4.00) Common stock - Holland (320,000) Common stock Zeland (1000) Retained earnings 12/31 3.2000 14120 Total States and sety SE..300) 5 (510.000) 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 b. Show how Holland determined in December 31, 2018 Investment in Zeeland account balance. c. Prepare a worksheet to determine the amounts that should appear on Holland's December 31, 2018, consolidated financial statements Complete this question by entering your answers in the tabs below. Res A and B Rec Compute the amount of goodwill recognized in Hollane's acquisition of Zestand and the allocation of goodwill to the Show how Holland determined its December 31, 2018, bovestment in Zeeland account balance Amount a Goodwill Controlling interest NCI 12 Goodwill allocation Amount Investment in Zeland 12/31 Hey > Reg A and B Reec Prepare a worksheet to determine the amounts that should appear on Holland's December 31, 2018, 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 the amount in the credit column of the worksheet. Amounts in the Debit and Credit columns should be entered as positive. Negative amounts for the Noncontrolling Interest and Consolidated Totals columns should be entered with a minus sign) Noncontrolling Consolidated Totals HOLLAND CORPORATION AND ZEELAND CORPORATION Consolidation Worksheet For Year Ending December 31, 2018 Consolidation Entries Holland Zeeland Debit Credit 5 (757.500) 5 (438.500) 384.000 205.000 95,000 33.000 15,000 20 000 56 000 60 500 50.604 0 3:258.104) 5120000) Accounts Sales Cost of goods sold Depreciation expense Amortization expense Other operating expenses Equity in Zeeland earnings Separate company net income Consolidated net income Noncontrolling Interest in CNI Controlling tot net income Retained warning 1/1/18 Not income Dividends declared Retained earnings 1201 Current Investment in Zeeland Property and equipment (net Patents Good Total Liabile Common stock Noncontrolling interest Retained earnings 12/31 Totals and equities 5 (821200) 523 500) 250 104 (120 000) 50.000 30 000 51.929304) S413500 $ 126.000 91.500 565.300 0 847.000 269.000 151.000 157.500 0 0 1.689.300 510.000 (340 004) (45001 (320,000) 100 000 (1.029.304) (413.5001 (1.600.300) 518000)