On January 1, 2018 Casey Corporation exchanged $3.210,000 cash for 100 percent of the Union -- Corporation Casey plans to maintain Kennedy as a wholly owned subsidiary with separate legal status and accounting information systems 22 Al the acquisition date. Casey prepared the following fair value allocation schedule: Tair value of Kennedy (consideration transferred) Carrying out squired Ecoss a value to buildings undervalued) to licensing agreement overvalued) to goodwill indefinite life) $3,210,000 2.500.000 $ 510,000 $ 39,000 193,000) 200,000 410,000 Immediately after closing the transaction, Casey and Kennedy prepared the following postacquisition balance sheets from their separate fnancial records Account Cash Accounts receivable Inventory Investment is Kennedy buildings (net) Licensing agreements Goodwill Total assets Mets payable Long-ter det Casey 400.000 1.620.000 1.490.000 3.210,000 5,992.500 Kennedy 166.500 295.000 126,500 2.500.000 3,440.000 249.500 $12.842.000 22,000) (3.670.000 $ 6,600,000 630,000) .570.000) Seved Homework Assignment - Chapter 2 (3.470,000) (3,000,000) Long-term debt Common stock Additional paid-in capital Retained earnings Total liabilities and equities (3,570,000) (1,000,000) 500,000) (1,100,000) $ (6,608,000) 22 16,000,000). $ (12,842,000) Prepare an acquisition date consolidated balance sheet for Casey Corporation and its subsidiary Kennedy Corporation. (Negative amounts should be indicated by a minus sign.) points Print CASEY CORPORATION AND CONSOLIDATED SUBSIDIARY KENNEDY Consolidated Balance Sheet January 1, 2018 Assets Liabilities and Stockholders' Equity References S O Total abilities and equities S