The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for $7.20 per share on January 1, 2020. The remaining 20 percent of Devine's shares also traded actively at $7.20 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 five-year future life was undervalued by $85,500 and a fully amortized trademark with an estimated 10- year remaining life had a $64,000 fair value. At the acquisition date, Devine reported common stock of $100,000 and a retained earnings balance of $226,500. Following are the separate financial statements for the year ending December 31, 2021 Sales Cost of goods sold Operating expenses Dividend income Net Income Retained earnings, 1/1/21 Net income (above) Dividends declared Holtz Corporation $ (641,000) 198,000 Devine, Inc. $(399,000) 273,000 (16,000) $ (186,000) $ (762,000) (186,000) 70,000 Retained earnings, 12/31/21 $ (878,000) Current assets $ 121,000 Investment in Devine, Inc. 576,000 Buildings and equipment (net) 887,000 Trademarks Total assets Liabilities Common stock 149,000 $1,733,000 176,000 126,000 $ (97,000) $(296,500) (97,000) 20,000 $(373,500) $ 120,500 335,000 236,000 $ 691,500 Retained earnings, 12/31/21 (above) Total liabilities and equities $ (535,000) (320,000) (878,000) $(218,000) (100,000) (373,500) $(1,733,000) $(691,500) At year-end, there were no intra-entity receivables or payables, a. Prepare a worksheet to consolidate these two companies as of December 31, 2021. b. Prepare a 2021 consolidated income statement for Holtz and Devine. c. If instead the noncontrolling interest shares of Devine had traded for $4.76 surrounding Holtz's acquisition date, what is the impact on goodwill? Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a worksheet to consolidate these two companies as of December 31, 2021. (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 this amount in the credit column of the worksheet. Input all amounts as positive values.) HOLTZ CORPORATION AND DEVINE, INC. Consolidation Worksheet For Year Ending December 31, 2021 Sales Cost of goods sold Operating expenses Dividend income Separafompany net income Accounts Holtz Corporation Consolidation Entries Devine Inc. Noncontrolling Consolidated Debit Interest Credit Totals $ (641.000) $ (399.000) 198,000 176,000 273,000 126,000 (16.000) 0 $ (186.000) $ (97.000) Consolidated net income Nt attributable to noncontrolling interest Ni atributable to Holtz Corp Retained earnings, 1/1/21 $ (762,000) $ (296,500) Net income (186,000) (97,000) Dividends declared 70,000 20,000 Retained earnings, 12/01/21 S (878.000) $ (373.500) Cument assets S 121,000 $ 120,500 Investment in Devine, Inc. 576,000 0 Buildings and equipment (net) 887,000 335,000 Trademarks 149,000 236,000 Goodwill Total assets $ 1,733,000 $ 691,500 Liabilities Common stock $ (535,000) $ (218,000) (320,000) (100,000) Retained eamings, 12/31/21 (above) NCI in Devine, 1/1 NCI in Devine, 12/31 (878.000) (373,500) Total liabilities and equities $ (1,733,000) $ (691,500) Required A Required B > At year-end, there were no intra-entity receivables or payables. a. Prepare a worksheet to consolidate these two companies as of December 31, 2021. b. Prepare a 2021 consolidated income statement for Holtz and Devine. c. If instead the noncontrolling interest shares of Devine had traded for $4.76 surrounding Holtz's acquisition date, what is the impact on goodwill? Complete this question by entering your answers in the tabs below. + Required A Required B Required C Prepare a 2021 consolidated income statement for Holtz and Devine. (Enter all amounts as positive values.) HOLTZ CORPORATION AND DEVINE, INC. Consolidated Income Statement For Year Ending December 31, 2021 Total expenses To noncontrolling interest To Holtz Corporation At year-end, there were no intra-entity receivables or payables. a. Prepare a worksheet to consolidate these two companies as of December 31, 2021. b. Prepare a 2021 consolidated income statement for Holtz and Devine. c. If instead the noncontrolling interest shares of Devine had traded for $4.76 surrounding Holtz's acquisition date, what is the impact on goodwill? Complete this question by entering your answers in the tabs below. Required A Required B Required C If instead the noncontrolling Interest shares of Devine had traded for $4.76 surrounding Holtz's acquisition date, what is the impact on goodwill? Goodwill