On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Inc., a Norwegian company, at a cost of $151,900 Ship's net assets on the date of acquisition were 760,000 kroner (NKr). On January 1, 20X5, the book and fair values of the Norwegiarn subsidiary's identifiable assets and liabilities approximated their fair values except for property, plant, and equipment and patents acquired. The fair value of Ship's property, plant, and equipment exceeded its book value by $18,900. The remaining useful life of Ship's equipment at January 1, 20X5, was 10 years. The remainder of the differential was attributable to a patent having an estimated useful life of 5 years. Ship's trial balance on December 31, 20X5, in kroner, follows Debits Credits NKr 180,000 290,000 330,000 690,000 Cash Accounts Receivable (net) Inventory Property, Plant, & Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Sales Cost of Goods Sold Operating Expenses Depreciation Expense Dividends Paid Total NKr 180,000 88,000 360,000 480,000 280,000 780,000 380,000 190,000 59,000 49,000 NKr2,168,000 NKr2,168,000 Additional Informetion: 1. Ship uses the FIFO method for its inventory. The beginning inventory was acquired on December 31, 20X4, and ending inventory was acquired on December 15, 20X5. Purchases of NKr390,000 were made evenly throughout 20X5 2. Ship acquired all of its property, plant, and equipment on July 1, 20X3, and uses straight-line depreciation. 3. Ship's sales were made evenly throughout 20X5, and its operating expenses were incurred evenly throughout 20X5 4. The dividends were declared and paid on July 1, 20X5 5. Pirate's income from its own operations was $270,000 for 20X5, and its total stockholders' equity on January 1, 20X5, was $3,800,000. Pirate declared $190,000 of dividends during 20X5