Question 3 (2 points) Westeel Book Smeltco Book Smeltco Market Remaining value Value Useful Life for Value 12/31/13 SmeltCo's Assets 31/13 Account Cash Rs 1900,000 S 1.200,000 S 1.200,000 1 year 3,800,000 3,500,000 8,400,000 Accounts Receivable 860.000 S 840,000 1 year 7,800,000 Inventory Land 27,000,000 S 100,000 1.200,000 5.800.000 8,000,000 8 Buildings (net) 8,000,000 5 5,000,000 32,000,000 7,600,000 Equipment (net) (9.300,000M (2,900,000) 2.900.000) Accounts payable Long-Term Notes Payable 28000,0001 2300,000 2.300,000 Common Stock ($1 par (1,000,000) 100,000 (17000.0001 900.000 Paid-In Capital RAE 1/1/13 (1,800,0000 (1.660,000) (156,000,000) (70,000,000) Revenues 12800,000 58,500,000 Expenses Refer to the int formation above Assume that, on December 31, 2013, Westeel Inc. issued 2,000,000 shares of common stock with a $1 par value and a s12.00 market value to obtain all of SmeltCo's outstanding common stock. In addition to the assets that smeltCo reports on their balance sheet, SmeltCo also owns an internally developed patent with a fair value of $8,000,000 and a useful life of 5 years. At 12/31/13, how much Amortization will be reported related to Westeel's investment in smeltco