On January 1, 20X5, Taft Company acquired all of the outstanding stock of Vikix, Inc., a Norwegian
company at a cost of $151,200. Vikix’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 Vikix’s property, plant, and equipment exceeded its book value by $18,000. The remaining
useful life of Vikix’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. Vikix’s trial balance on
December 31, 20X5, in kroner, follows:
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