please dont copy others they r wrong 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 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 158,000 Accounts Receivable (net) 222,000 Inventory 287,000 Property, Plant Equipment 605,000 Accumulated Depreciation NKr 161,000 Accounts Payable 95,000 Notes Payable 191,000 Common Stock 450,000 Retained Earnings 250,000 Sales 785,000 Cost of Goods Sold 418,000 Operating Expenses 124,000 Depreciation Expense 69,000 Dividends Paid 49,000 Total NKr 1,932,000 NKr 1,932,000 Additional Information 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 NKr420,000 were made evenly throughout 20X5 Ship acquired all of its property, plant, and equipment on July 1, 20X3, and uses straight line depreciation Ships sales were made evenly throughout 20X5, and its operating expenses were incurred evenly throughout 20X5 The dividends were declared and paid on July 1, 20X5 Pirate's income from its own operations was $257,000 for 20X5, and its total stockholders' equity on January 1, 20X5, was $3,600,000 Pirate declared $190,000 of dividends during 20X5 Exchange rates were as follows NKr $ July 1, 20X3 1 0 15 December 30, 20X4 1 0 18 January 1, 20X5 1 0 18 July 1, 20X5 1 0 19 December 15, 20X5 1 0 205 December 31, 20X5 1 0 21 Average for 20X5 1 0 20 Assume the U S dollar is the functional currency, not the krone Required a Prepare a schedule remeasuring the trial balance from Norwegian kroner into U S dollars (If no adjustment is needed, select 'no entry necessary' ) b Assume that Pirate uses the fully adjusted equity method Record all journal entries that relate to its investment in the Norwegian subsidiary during 20X5 Provide the necessary documentation and support for the amounts in the journal entries (If no entry is required for a transaction event, select No journal entry required in the first account field ) c Prepare a schedule that determines Pirate's consolidated net income for 20X5 (Amounts to be deducted should be indicated with a minus sign ) d Compute Pirate's total consolidated stockholders' equity at December 31, 20X5

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please dont copy others they r wrong On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Inc., a Norwegian company,

please dont copy others they r wrong

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 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	158,000
Accounts Receivable (net)		222,000
Inventory		287,000
Property, Plant & Equipment		605,000
Accumulated Depreciation			NKr	161,000
Accounts Payable				95,000
Notes Payable				191,000
Common Stock				450,000
Retained Earnings				250,000
Sales				785,000
Cost of Goods Sold		418,000
Operating Expenses		124,000
Depreciation Expense		69,000
Dividends Paid		49,000
Total	NKr	1,932,000	NKr	1,932,000

Additional Information:

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 NKr420,000 were made evenly throughout 20X5.
Ship acquired all of its property, plant, and equipment on July 1, 20X3, and uses straight-line depreciation.
Ships sales were made evenly throughout 20X5, and its operating expenses were incurred evenly throughout 20X5.
The dividends were declared and paid on July 1, 20X5.
Pirate's income from its own operations was $257,000 for 20X5, and its total stockholders' equity on January 1, 20X5, was $3,600,000. Pirate declared $190,000 of dividends during 20X5.
Exchange rates were as follows:

	NKr		$
July 1, 20X3	1	=	0.15
December 30, 20X4	1	=	0.18
January 1, 20X5	1	=	0.18
July 1, 20X5	1	=	0.19
December 15, 20X5	1	=	0.205
December 31, 20X5	1	=	0.21
Average for 20X5	1	=	0.20

Assume the U.S. dollar is the functional currency, not the krone. Required: a. Prepare a schedule remeasuring the trial balance from Norwegian kroner into U.S. dollars. (If no adjustment is needed, select 'no entry necessary'.) b. Assume that Pirate uses the fully adjusted equity method. Record all journal entries that relate to its investment in the Norwegian subsidiary during 20X5. Provide the necessary documentation and support for the amounts in the journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) c. Prepare a schedule that determines Pirate's consolidated net income for 20X5..(Amounts to be deducted should be indicated with a minus sign.) d. Compute Pirate's total consolidated stockholders' equity at December 31, 20X5.