]Kennedy Company acquired all of the outstanding common stock of Hastie Company of Canada for U.S. $350,000 on January 1, 2024, when the exchange rate for the Canadian dollar (CAD) was U.S. $0.70. 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 patent with a remaining life of five years. The functional currency of Hastie is the Canadian dollar. For the year ended December 31, 2024, Hastie's trial balance net income was translated at U.S. $25,000. The average exchange rate for the Canadian dollar during 2024 was U.S. $0.68, and the 2024 year-end exchange rate was U.S. $0.65. Calculate the U.S. dollar amount allocated to the patent at January 1, 2024. Multiple Choice $50,000 $35,000 $34,000 $32,500 $28,200