On January 1,2023, Holland assessed the carrying amount of Zeelands equipment (5-year remaining life) to...

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Accounting

On January 1,2023, Holland assessed the carrying amount of Zeelands equipment (5-year remaining life) to be undervalued by $54,000. Holland also determined that Zeeland possessed unrecorded patents (10-year remaining life) worth $414,100. Zeelands acquisition-date fair values for its current assets and liabilities were equal to their carrying amounts. Any remaining excess of Zeelands acquisition-date fair value over its book value was attributed to goodwill.

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