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On January 1 , 2 0 2 4 , Casey Corporation exchanged $ 3 , 2 6 2 , 0 0 0 cash for 1
On January Casey Corporation exchanged $ cash for 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 fairvalue allocation schedule:
Immediately after closing the transaction, Casey and Kennedy prepared the following postacquisition balance sheets from their
separate financial records credit balances in parentheses
Required:
Prepare an acquisitiondate consolidated balance sheet for Casey Corporation and its subsidiary Kennedy Corporation.
Note: 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.
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