On January 1, 2018 Casey Corporation exchanged $3,298,000 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: $ 3,298,000 2,600,000 $ 698,000 Fair value of Kennedy (consideration transferred) Carrying amount acquired Excess fair value to buildings (undervalued) to licensing agreements (overvalued) to goodwill (indefinite life) $ 329,000 (106,000) 223,000 475,000 Immediately after closing the transaction, Casey and Kennedy prepared the following postacquisition balance sheets from their separate financial records. $ Casey 447,000 1,335,000 1,270,000 3,298,000 6,142,500 Accounts Cash Accounts receivable nventory 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 321,500 $ 12,814,000 $ (304,000) (3,510,000) (3,000,000) 0 (6,000,000) $ (12,814,000) Kennedy 179, 250 344,000 17,7 2,790,000 2,280,000 0 $ 5,811,000 (421,000) (2,790,000) (1,000,000) (500,000) (1,100,000) $ (5,811,000) Prepare an acquisition-date consolidated balance sheet for Casey Corporation and its subsidiary Kennedy Corporation. (Negative amounts should be indicated by a minus sign.) CASEY CORPORATION AND CONSOLIDATED SUBSIDIARY KENNEDY Consolidated Balance Sheet January 1, 2018 Assets Liabilities and Stockholders' Equity Total assets $ 0 Total liabilities and equities $ 0