Homework Saved On January 1, 2021, Casey Corporation exchanged $3,170,000 cash for 100 percent of the outstanding voting stock of Kennedy 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) Carrying amount acquired to buildings (undervalued) k Excess fair value to licensing agreements (overvalued) nces to goodwill (indefinite life) $ 324,000 (198,000) $3,170,000 2,600,000 $570,000 126,000 $ 444,000 Immediately after closing the transaction, Casey and Kennedy prepared the following postacquisition balance sheets from their separate financial records (credit balances in parentheses). Help Save & Cash Accounts Accounts receivable Inventory Investment in Kennedy Buildings (net) Licensing agreements Goodwill Total assets Accounts payable Long-term debt Common stock Additional paid-in capital Retained earnings Total liabilities and equities Casey Kennedy 472,000 184,500 1,235,000 316,000 1,470,000 165,500 3,170,000 0 5,820,000 0 799,000 $ 12,966,000 $ 1,920,000 3,430,000 $ 6,016,000 (336,000) $ (406,000) (3,630,000) (3,010,000) (3,000,000) 0 (6,000,000) (1,000,000) (500,000) (1,100,000) $ (12,966,000) 5 (6,016,000) Prepare an acquisition-date consolidated balance sheet for Casey Corporation and its subsidiary Kennedy Corporation. (For accounts Ch