On January 1, 2015, Casey Corporation exchanged $3,262,000 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)				$	3,262,000
Carrying amount acquired					2,600,000
Excess fair value				$	662,000
to buildings (undervalued)	$	384,000
to licensing agreements (overvalued)		(199,000)			185,000
to goodwill (indefinite life)				$	477,000

Immediately after closing the transaction, Casey and Kennedy prepared the following postacquisition balance sheets from their separate financial records.

Accounts	Casey				Kennedy
Cash	$	423,000			$	139,500
Accounts receivable		1,515,000				305,000
Inventory		1,655,000				230,500
Investment in Kennedy		3,262,000				0
Buildings (net)		5,820,000				2,280,000
Licensing agreements		0				2,720,000
Goodwill		361,000				0
Total assets	$	13,036,000			$	5,675,000
Accounts payable		(336,000	)			(435,000	)
Long-term debt		(3,700,000	)			(2,640,000	)
Common stock		(3,000,000	)			(1,000,000	)
Additional paid-in capital		0				(500,000	)
Retained earnings		(6,000,000	)			(1,100,000	)
Total liabilities and equities	$	(13,036,000	)		$	(5,675,000	)

Prepare a January 1, 2015, consolidated balance sheet for Casey Corporation and its subsidiary Kennedy Corporation.