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complete the sheet. debit&credit&consolidated On January 1, 2021, Casey Corporation exchanged $3,218,000 cash for 100 percent of the outstanding voting stock of Kennedy Corporation. Casey

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complete the sheet.

debit&credit&consolidated

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On January 1, 2021, Casey Corporation exchanged $3,218,000 cash for 100 percent of the outstanding voting stock of Kennedy Corporation. Casey plans to maintain Kennedy as a wholly owned subsidiary wit 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 $ 618 , 000 to buildings (undervalued) $ 326,000 to licensing agreements (overvalued) (171, 000) 155 , 000 to goodwill (indefinite life) $ 463 , 000 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 $ 471 , 000 $ 188 , 250 Accounts receivable 1 , 550, 000 301, 000 Inventory 1, 330, 000 731 , 750 Investment in Kennedy 3, 218 , 000 Buildings (net) 6, 172, 500 1 , 860, 000 Licensing agreements 3, 250 , 000 Goodwill 379, 500 0 Total assets $ 13, 121, 000 $ 6,331, 000 Accounts payable (331, 000) $ (461, 000) Long-term debt (3, 790, 000) (3, 270, 000) Common stock (3, 000, 000) (1, 000, 000)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 $ 471,000 $ 188,250 Accounts receivable 1,550,000 301,000 Inventory 1,330,000 731,750 Investment in Kennedy 3,218,000 0 Buildings (net) 6,172,500 1,860,000 Licensing agreements 0 3,250,000 Goodwill 379,500 0 Total assets $ 13,1211000 $ 5,331,000 Accounts payable 5 (331,000) $ (461,000) Longterm debt (3,790,000) (3,270,000) Common stock (3,000,000) (1,000,000) Additional paidin capital 0 (500,000) Retained earnings (6,000,000) (1,100,000) Total liabilities and . . $(13,121,000) $(6,331,000) equities 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.) Accounts receivable 1,550,000 301,000 _ _ _ Investment in Kennedy 3,218,000 Buildings (net) 6,172,500 Licensing agreements Goodwill 379,500 Total assets $ 13,121,000 Accounts payable $ (331,000) Long-term debt (3,790,000) Common stock (3,000,000) Additional paid- in capital Total liabilities and equities $(13, 121 ,000) $ (6,331 0,00) $

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