On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Inc, a Norwegian company, at a cost of $165,600 Ship's net assets on the date of acquisition were 700,000 kroner (NKr). On January 1, 20X5, the book and fair values of the Norwegian 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 $18,000. The remaining useful life of Ship's equipment at Jantuary 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 158,800 211,000 282,080 613,009 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 NKe 361,000 92,08e 285,000 430,000 270,00 754,000 415,809 124,e00 65,000 44,000 Depereclat ion Expense Dividends Paid Total NKr 1,912,000 NKr1,912,80 Additional Information: On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Inc, a Norwegian company, at a cost of $165,600 Ship's net assets on the date of acquisition were 700,000 kroner (NKr). On January 1, 20X5, the book and fair values of the Norwegian 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 $18,000. The remaining useful life of Ship's equipment at Jantuary 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 158,800 211,000 282,080 613,009 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 NKe 361,000 92,08e 285,000 430,000 270,00 754,000 415,809 124,e00 65,000 44,000 Depereclat ion Expense Dividends Paid Total NKr 1,912,000 NKr1,912,80 Additional Information