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please asap On January 1, 2020. Holland Corporation paid $7 per share to a group of Zeeland Corporation shareholders to acquire 60.000 shares of Zeeland's
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On January 1, 2020. 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 ownershlp 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 belore and after the acquisition by Holland. Zeeland's acquisition date balance sheet follows: On January 1, 2020, Holland assessed the camying amount of Zeeland's equipment ( 5 -year remaining Ife) to be undervalued by $43.000. Holland also determined that Zeeland possessed unrecorded patents (10-year remaining life) worth $246.400. Zeeland's acquisition-date fair values for its current assets and llabilitles were equal to their carrying amounts. Any remaining excess of Zeeland's acquisition-date falr value over its book value was attributed to goodwill. The companies' financial statements for the year ending December 31, 2021, follow: At year-end, there were no intra-entity receivables or payables. 0. Compute the amount of goodwill recognized in Holland's acquisition of Zeeland and the allocation of goocwill to the controlling and noncontrolling interest. b. Show how Holland determined its December 31, 2021. Imvestment in Zeeland account balance. c. Prepare a worksheet to determine the amounts that should appear on Holland's December 31, 2021, consolidated financial staternents. Complete this question by entering your answers in the tabs below. Prepare a workstieet to determine the amounts thot should appear on Hollonds Decimber 31, 2021, consolidated finsaciat statements, (for Saved Consolidation Worksheet For Year Ending December 31, 2021 Complete this question by entering your answers in the tabs below. a. Compute the amount of goodwill recognized in Holland's acquisition of Zeeland and the allocation of ge controlling and noncontrolling interest. b. Show how Holland detemined its December 31, 2021, Investment in Zeeland account balance. (Negat be shown with a minus sign.) On January 1, 2020. 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 ownershlp 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 belore and after the acquisition by Holland. Zeeland's acquisition date balance sheet follows: On January 1, 2020, Holland assessed the camying amount of Zeeland's equipment ( 5 -year remaining Ife) to be undervalued by $43.000. Holland also determined that Zeeland possessed unrecorded patents (10-year remaining life) worth $246.400. Zeeland's acquisition-date fair values for its current assets and llabilitles were equal to their carrying amounts. Any remaining excess of Zeeland's acquisition-date falr value over its book value was attributed to goodwill. The companies' financial statements for the year ending December 31, 2021, follow: At year-end, there were no intra-entity receivables or payables. 0. Compute the amount of goodwill recognized in Holland's acquisition of Zeeland and the allocation of goocwill to the controlling and noncontrolling interest. b. Show how Holland determined its December 31, 2021. Imvestment in Zeeland account balance. c. Prepare a worksheet to determine the amounts that should appear on Holland's December 31, 2021, consolidated financial staternents. Complete this question by entering your answers in the tabs below. Prepare a workstieet to determine the amounts thot should appear on Hollonds Decimber 31, 2021, consolidated finsaciat statements, (for Saved Consolidation Worksheet For Year Ending December 31, 2021 Complete this question by entering your answers in the tabs below. a. Compute the amount of goodwill recognized in Holland's acquisition of Zeeland and the allocation of ge controlling and noncontrolling interest. b. Show how Holland detemined its December 31, 2021, Investment in Zeeland account balance. (Negat be shown with a minus sign.) Step by Step Solution
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