4 5 pints Corporation Casey plans to maintain Kennedy as a wholly owned subsidiary with separate legal status and accounting information systems. At the acquisition date, Casey prepared the following fair-value allocation schedule: Fair value of Kennedy (consideration transferred) $3,218,000 Carrying amount acquired 2,600,000 Excess fair value 5 618,000 to buildings (undervalued) $360,090 to licensing agreenents (overvalued) (162,680) 198,000 to goodwill (indefinite life) 420,000 814 eBook References Immediately after closing the transaction, Casey and Kennedy prepared the following postacquisition balance sheets from their separate financial records (credit balances in parentheses). Accounts Casey Kennedy Cash $ 522,000 $ 179,250 Accounts receivable 1,430,000 309,000 Inventory 1.645,000 170,750 Investment in Kennedy 3,218,000 a Buildings (net) 5,977.500 2,180,000 Licensing agreements @ 3,650,000 Goodwill 128,500 Total assets $ 12,921,000 $ 5,889,000 Accounts payable $ (381, 880) 5 (389,000) Long-term debt (3,540,000) (2,900,000) Common stock (3,000,000) (1,200,000) Additional paid-in capital (500,000) Retained earnings 16,000,000) (1,100,000) Total liabilities and equities $ (12,921,880) $ (5,889,000) or accounts Prepare an acquisition-date consolidated balance sheet for Casey Corporation and its subsidiary Kennedy Corporation. (For accounts where multiple consolidation entries are required.combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) Consolidated CASEY CORPORATION AND CONSOLIDATED SUBSIDIARY KENNEDY Workshoot for a Cantolidated Balance Shoot January 1, 2021 Adjust. & Elim. Casey Kennedy Debit Credit Cash $ 522,000 $ 179,250 Accounts receivable 1,430,000 309,000 Inventory 1,645,000 170,750 Investment in Kennedy 3,218,000 Buildings (net) 5,977,500 2,180,000 Licensing agreements 3,050,000 Goodwill 128,500 Total assets $ 12,921,000 $5,889,000 Accounts payable $ (381,000) (389,000) (3.540,000) (2,900,000) Long-term debt (3,000,000) (1,000,000) Common stock (500,000) Additional paid-in capital (1,100,000) (6,000,000) Retained earnings 0 $ $(12,921,000) S (5,889,000) $ Total liabilities and equities D 0 os