On January 1, 2015, Casey Corporation exchanged $3,266,000 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)				$	3,266,000
Carrying amount acquired					2,600,000
Excess fair value				$	666,000
to buildings (undervalued)	$	348,000
to licensing agreements (overvalued)		(175,000)			173,000
to goodwill (indefinite life)				$	493,000

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

Accounts	Casey				Kennedy
Cash	$	517,000			$	180,000
Accounts receivable		1,415,000				348,000
Inventory		1,495,000				181,000
Investment in Kennedy		3,266,000				0
Buildings (net)		6,022,500				2,190,000
Licensing agreements		0				3,100,000
Goodwill		234,500				0
Total assets	$	12,950,000			$	5,999,000
Accounts payable		(340,000	)			(449,000	)
Long-term debt		(3,610,000	)			(2,950,000	)
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	$	(12,950,000	)		$	(5,999,000	)

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