0 Required Information On January 2, 20X8, Polaris Company acquired a 100% interest in the capital stock of Ski Company for $3,100,000. Any excess cost over book value is attributable to a patent with a 10-year remaining life. At the date of acquisition, Ski's balance sheet contained the following information: Foreign Currency Cash Receivables (net) Units (FCU) 40,000 150,000. Inventories (FIFO) 500,000 Plant and Equipment (net) 1,500,000 Total 2,190,000 Accounts Payable 200,000 Capital Stock 600,000 Retained Earnings 1,390,000 Total 2,190,000 Ski's income statement for 20X8 is as follows: Revenues from Sales Cost of Goods Sold Gross Margin Operating Expenses (exclusive of depreciation) Depreciation Expense Income Taxes Net Income Foreign Currency Unite (FCU) 1,010,000 (590,000) 420,000 The balance sheet of Ski at December 31, 20XB, is as follows: Foreign Currency Units (Cu) 180,000 Cash Receivables (net) 210,000 Inventories (FIFO) 520,000 Plant and Equipment (net) 1,300,000 Total 2,210,000 Accounts Payable 160,000 Capital Stock 600,000 Retained Earnings 1,430,000 Total 2,210,000 (120,000) (200,000) (40,000) 60,000 Ski declared and paid a dividend of 20,000 FCU on October 1, 20X8, Spot rates at various dates for 20X8 follow: January 2 October 1 December 31 1 FCU -1.50 1.60 1 reu 1 FCU 5 1.70 Plant and Equipment (net) 1,300,000 Total 2,210,000 Accounts Payable 180,000 Capital Stock 600,000 Retained Earnings Total 1,430,0001 2,210,000 Ski declared and paid a dividend of 20,000 FCU on October 1, 20X8. Spot rates at various dates for 20X8 follow January 2 October 1 December 31 Weighted Average 1 FCU $1.50 1 FCU $1.60 1 FCU $1.70 1 FCU $ 1.55 Assume Ski's revenues, purchases, operating expenses, depreciation expense, and income taxes were incurred evenly throughout 20X8. Refer to the above information. Assuming the U.S. dollar is the functional currency, what is the amount of patent amortization for 20X8 that results from Polaris's acquisition of Ski's stock on January 2, 20X8? Multiple Choice $11,884 $11.770 $12,550 $11,500