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Question 1: 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 this 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.)
HOLLAND CORPORATION AND ZEELAND CORPORATION
Consolidation Worksheet
For Year Ending December 31, 2018
Consolidation Entries
Noncontrolling
Consolidated
Accounts
Holland
Zeeland
Debit
Credit
Interest
Totals
Sales
$(722,400)
$(435,500)
$(1,157,900)
Cost of goods sold
366,300
203,500
569,800
Depreciation expense
90,500
33,300
11,000
Amortization expense
14,700
20,300
Other operating expenses
54,800
61,400
116,200
Equity in Zeeland earnings
(49,146)
0
49,146
Separate company net income
$(245,246)
$(117,000)
Consolidated net income
$(471,900)
Noncontrolling interest in CNI
Controlling interest net income
Retained earnings, 1/1/18
$(820,900)
$(315,400)
315,400
Net income
(245,246)
(117,000)
Dividends declared
50,000
30,000
18,000
12,000
Retained earnings, 12/31
$(1,016,146)
$(402,400)
Current assets
$125,700
$88,500
$214,200
Investment in Zeeland, Inc
559,332
577,332
Property and equipment (net)
844,000
266,000
Patents
150,400
154,500
Goodwill
140,000
Total assets
$1,679,432
$509,000
Liabilities
(343,286)
(6,600)
(349,886)
Common stock
(320,000)
(100,000)
Noncontrolling interest
(1,016,146)
(402,400)
Total liabilities and equities
$(1,679,432)
$(509,000)
$533,546
$595,332
$(1,366,032)
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