The Holtz Corporation acquired 80 percent of the 100.000 outstanding voting shares of Devine, Inc., for $7.40 per share on January 1. 2017. The remaining 20 percent of Devine's shares also traded actively at $7.40 per share before and after Holtz's acquisition. An appraisal made on that date determined that all book values appropriately reflected the fair values of Devine's underlying accounts except that a building with a 5-year future life was undervalued by $82,000 and a fully amortized trademark with an estimated 10-year remaining life had a $72,000 fair value. At the acquisition date. Devine reported common stock of $100,000 and a retained earnings balance of $312.000. Following are the separate financial statements for the year ending December 31, 2018: Holtz Devine, Corporation Inc. Sales $ (753, 800) $ (416, eee) Cost of goods sold 286,800 119,000 Operating expenses 315,800 129,00 Dividend income (16,698) Net income $ (248, eee) $ (168, 800) Retained earnings, 1/1/18 $ (705, ) $ (382, e9e) Net income (above) (248,000) (168,000) Dividends declared 5e,eee 2e, ege Retained earnings, 12/31/18 $ (903, eee) $ (530,000) Current assets 282,690 252,800 Investment in Devine, Inc 592, Buildings and equipment (net) 845, eee 431,800 Trademarks 159, eee 162, eee Total assets $ 1,878, eee $ 845,000 Liabilities (655, 800) $ (215, eee) Common stock (320,000) (100, eee) Retained earnings, 12/31/18 (above) (903, 890) (530,000) Total liabilities and equities $(1,878, 800) $ (845, eee) $ $ $ At year-end, there were no intra-entity receivables or payables. o. Prepare a worksheet to consolidate these two companies as of December 31, 2018. b. Prepare a 2018 consolidated income statement for Holtz and Devine. c. If instead the noncontrolling interest shares of Devine had traded for $5.66 surrounding Holtz's acquisition date, what is the impact on goodwill? The Holtz Corporation acquired 80 percent of the 100.000 outstanding voting shares of Devine, Inc., for $7.40 per share on January 1. 2017. The remaining 20 percent of Devine's shares also traded actively at $7.40 per share before and after Holtz's acquisition. An appraisal made on that date determined that all book values appropriately reflected the fair values of Devine's underlying accounts except that a building with a 5-year future life was undervalued by $82,000 and a fully amortized trademark with an estimated 10-year remaining life had a $72,000 fair value. At the acquisition date. Devine reported common stock of $100,000 and a retained earnings balance of $312.000. Following are the separate financial statements for the year ending December 31, 2018: Holtz Devine, Corporation Inc. Sales $ (753, 800) $ (416, eee) Cost of goods sold 286,800 119,000 Operating expenses 315,800 129,00 Dividend income (16,698) Net income $ (248, eee) $ (168, 800) Retained earnings, 1/1/18 $ (705, ) $ (382, e9e) Net income (above) (248,000) (168,000) Dividends declared 5e,eee 2e, ege Retained earnings, 12/31/18 $ (903, eee) $ (530,000) Current assets 282,690 252,800 Investment in Devine, Inc 592, Buildings and equipment (net) 845, eee 431,800 Trademarks 159, eee 162, eee Total assets $ 1,878, eee $ 845,000 Liabilities (655, 800) $ (215, eee) Common stock (320,000) (100, eee) Retained earnings, 12/31/18 (above) (903, 890) (530,000) Total liabilities and equities $(1,878, 800) $ (845, eee) $ $ $ At year-end, there were no intra-entity receivables or payables. o. Prepare a worksheet to consolidate these two companies as of December 31, 2018. b. Prepare a 2018 consolidated income statement for Holtz and Devine. c. If instead the noncontrolling interest shares of Devine had traded for $5.66 surrounding Holtz's acquisition date, what is the impact on goodwill