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P12-17 Translation, Journal Entries, Consolidated Comprehensive Income, and Stockholders' Equity On January 1, 20X5, Taft Company acquired all of the...
P12-17 Translation, Journal Entries, Consolidated Comprehensive Income, andStockholders’ EquityOn January 1, 20X5, Taft Company acquired all of the outstanding stock of Vikix, Inc., a Norwegiancompany 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 liabilitiesapproximated 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 remaininguseful life of Vikix’s equipment at January 1, 20X5 was 10 years. The remainder of the differentialwas attributable to a patent having an estimated useful life of 5 years. Vikix’s trial balance onDecember 31, 20X5, in kroner, follows:
