On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Inc., a Norwegian company, at a cost of $156,600. Ships net assets on the date of acquisition were 700,000 kroner (NKr). On January 1, 20X5, the book and fair values of the Norwegian subsidiarys identifiable assets and liabilities approximated their fair values except for property, plant, and equipment and patents acquired. The fair value of Ships property, plant, and equipment exceeded its book value by $18,000. The remaining useful life of Ships 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. Ships trial balance on December 31, 20X5, in kroner, follows: Debits Credits Cash NKr 159,000 Accounts Receivable (net) 221,000 Inventory 279,000 Property, Plant & Equipment 611,000 Accumulated Depreciation NKr 167,000 Accounts Payable 97,000 Notes Payable 198,000 Common Stock 440,000 Retained Earnings 260,000 Sales 730,000 Cost of Goods Sold 410,000 Operating Expenses 116,000 Depreciation Expense 53,000 Dividends Paid 43,000 Total NKr 1,892,000 NKr 1,892,000