64 . Kennedy Company acquired all of the outstanding common stock of Hastie Company of Canada for U .S 5350 000 on January 1 2013 When the exchange rate for the Canadian dollar ( CAD ) was U .S . S. 70 The fair value of the net assets of Hastie was equal to their book value of CAD 450 000 on the date of acquisition Any acquisition consideration excess over fair value was attributed to an unrecorded paten with a remaining life of five years The functional currency of Hastie is the Canadian dollar For the year ended December 31 2013 Hastie's trial balance net income was translated at U.S . $25 090 The average exchange rate for the Canadian dollar during 2013 was U .S . S.68 and the 2013 year -end exchange rate was US . S.65 Kennedy's share of Hastie's net income for 2013 would be A $18090 B. $15090 C. $18.200 D. $16090 ES18 500

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