On January $1,20$X$4,$ Placid Corporation acquired a $40\%$ interest in Superior Industries, a Canadian Corporation, for $$811,900$ Equity Method for Foreign Investments:

Fair value of the patent from Placid's investment in Superior on January $1,20$X$4$ in U$.$S$.$ dollars.

Patent amortization for $20x4$ in U$.$S$.$ dollars.

Unamortized patent at December $31,20$X$4$ in U$.$S$.$ dollars.

Equity adjustment for the patent in U$.$S$.$ dollars.

Income from Superior for $20x4$ in U$.$S$.$ dollars.

Investment in Superior balance at December $31,204$ in U$.$S$.$ dollars.

when Superior's stockholders' equity consisted of $1,000,000$ Canadian dollars $($C$$)$ capital stock and C $$500,000$ retained

earnings. Superior's functional currency is the Canadian dollar and the books are kept in the same currency. The exchange

rate at the time of the purchase was $$1\mathrm{.}15$ per Canadian dollar. Any excess allocated to patents is to be amortized over $10$

years.

A summary of changes in the stockholders' equity of Superior during $20$X$4$ and related exchange rates follows:

Click here to download the excel file and complete it to answer the $6$ questions listed below. Save the Excel file with your

answers on your computer and upload the saved file in the drop box below.

Required: Determine the $6$ following items:

Fair value of the patent from Placid's investment in Superior on January $1,20$X$4$ in U$.$S$.$ dollars

Patent amortization for $20$X$4$ in U$.$S$.$ dollars

Unamortized patent at December $31,20$X$4$ in U$.$S$.$ dollars

Equity adjustment from the patent in U$.$S$.$ dollars

Income from Superior for $20$X$4$ in U$.$S$.$ dollars

Investment in Superior balance at December $31,20$X$4$ in U$.$S$.$ dollars