Please advise thnak you

CoursHeroTranscribedText: On January 1, 2036, Pirate Company acquired all of the outstanding stock of Ship Inc., a Norwegian company, at a cost of $151,100. Ship's net assets on the date of acquisition were 600,000 kroner [NKr]. On January 1, 20KB, the book and fair values of the Norwegian subsidiary's identiable 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 $18,100. 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 Cash NKr' 103,800 Accounts Receivable (net) 218,800 Inventory 258,800 Property, Plant, 8. Equipment 518,800 Accumulated Depreciation NKr 108,800 Accounts Payable 88,800 Notes Payable 192,800 Common Stock 408,800 Retained Earnings 208,800 Sales $08,800 Cost of Goods Sold 308,800 Operating Expenses 118,800 Depreciation Expense 51,800 Dividends Paid 41,800 Total NKr1,5?2,800 NKr1,572,800 Additional Information: 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 NKr310,000 were made evenly throughout 20x5. 2. Ship acquired all of its property, plant, and equipment on July 1, 20x3, and uses straightline depreciation. 3. Ships 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 $230,000 for 20X5, and its total stockholders' equity on January 1, 20KB, was $3,000,000. Pirate declared $110,000 of dividends during 20KB. 6. Exchange rates were as follows: Nltr i July 1J 23x3 1 = 8.15 December 38, 29354 1 = 8. 18 Januaryr 1, 2036 1 = 8. 18 July 1J 23x5 1 = B . 19 December 15, 29:5 1 = 8.205 December 31, 20315 1 = 8. 21 Average 'For 29x5 1 = 8. 20