On January 1, 2018 Casey Corporation exchanged $3,282,000 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: $ 3,282,000 2,600,000 $ 682,000 Fair value of Kennedy (consideration transferred) Carrying amount acquired Excess fair value to buildings (undervalued) to licensing agreements (overvalued) to goodwill (indefinite life) $ 353,000 (128,000) 225,000 457,000 $ Immediately after closing the transaction, Casey and Kennedy prepared the following postacquisition balance sheets from their separate financial records. $ Accounts Cash 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 441,000 1,255,000 1,270,000 3,282,000 5,587,500 0 963,500 $ 12,799,000 $ (329,000) (3,470,000) (3,000,000) Kennedy 174,000 323,000 992,000 0 1,880,000 3,010,000 $ 6,379,000 $ (399,000) (3,380,000) (1,000,000) (500,000) (1,100,000) $ (6,379,000) (6,000,000) $ (12,799,000) Prepare an acquisition-date consolidated balance sheet for Casey Corporation and its subsidiary Kennedy Corporation. (Negative amounts should be indicated by a minus sign.) Prepare an acquisition-date consolidated balance sheet for Casey Corporation and its subsidiary Kennedy Corporation. (Negative amounts should be indicated by a minus sign.) CASEY CORPORATION AND CONSOLIDATED SUBSIDIARY KENNEDY Consolidated Balance Sheet January 1, 2018 Assets Liabilities and Stockholders' Equity Total assets | $ 0 Total liabilities and equities