On January 1, 2017, Holland Corporation compensated $9 per distribute to a assembly of Zeeland Corporation distributeholders to benefit 60,000 distributes of Zeeland’s unappropriated voting fund, representing a 60 percent holding curiosity-behalf. The cherishing 40,000 distributes of Zeeland continued to employment in the trade suppress to its late medium of $8.00 per distribute twain anteriorly and behind the wages by Holland. Zeeland’s wages era et shuffle follows:
Current effects$14,300 Liabilities$216,500 Property and equipment (net) 328,300 Common fund 100,000 Patents 193,900 Retained hues 220,000 $536,500 $536,500
On January 1, 2017, Holland assessed the carrying totality of Zeeland’s equipment (5-year cherishing society) to be undervalued by $58,000. Holland also solid that Zeeland compensated oral patents (10-year cherishing society) merit $300,600. Zeeland’s wages-era equitable esteems for its ordinary effects and liabilities were similar to their carrying totalitys. Any cherishing superfluity of Zeeland’s wages-era equitable esteem aggravate its bulk esteem was attributed to kindness.
The companies’ financial statements for the year end December 31, 2018, follow:
Holland ZeelandSales$(675,600) $(431,500)Cost of goods sold 342,700 201,500 Depreciation payment 84,500 33,700 Amortization payment 14,300 20,700 Other exempt payments 53,200 62,600 Equity in Zeeland hues (42,804) 0 Separate corporation net proceeds$(223,704) $(113,000) Retained hues 1/1$(820,500) $(304,600)Net proceeds (223,704) (113,000)Dividends visible 50,000 30,000 Retained hues 12/31$(994,204) $(387,600) Current effects$125,300 $84,500 Investment in Zeeland 590,568 0 Property and equipment (net) 840,000 262,000 Patents 149,600 150,500 Total effects$1,705,468 $497,000 Liabilities$(391,264) $(9,400)Common fund - Holland (320,000) 0 Common fund - Zeeland 0 (100,000)Retained hues 12/31 (994,204) (387,600)Total liabilities and owners equity$(1,705,468) $(497,000)
At year-end, there were no intra-entity receivables or payables.
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