Problem 4-30 (LO 4-3, 4-5, 4-7) On January 1, 2017, 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 $7.50 per share both before and after the acquisition by Holland. Zeeland's acquisition date balance sheet follows: $ 15,800 Liabilities Current assets Property and equipment (net) Patents 239,000 100,000 200,000 539,000 309,800 Common stock 213,400 Retained earnings $539,000 On January 1, 2017, Holland assessed the carrying amount of Zeeland's equipment (5-year remaining life) to be undervalued by $49,000. Holland also determined that Zeeland possessed unrecorded patents (10-year remaining life) worth $391,500. Zeeland's acquisition-date fair values fo 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