On January 1, 2021. Casey Corporation exchanged $3,252,000 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) $ 3,252,000 Carrying amount acquired 2,600,eee Excess fair value 5 652,000 to buildings (undervalued) $ 331,000 to licensing agreements (overvalued) (152,000) 179,000 to goodwill (indefinite life) $ 473,000 Immediately after closing the transaction, Casey and Kennedy prepared the following postacquisition balance sheets from their separate financial records (credit balances in parentheses). 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 Kennedy $ See, 800 $ 155, 250 1,430,000 322,000 1,415,000 214,750 3,252,000 5,982,500 2,340,000 2,830,000 291,500 @ $ 12,791,000 $ 5,862,000 $ (311,000) 5 (462,000 (3,480,000) (2,800,000 (3,800,000) (1,000,000 (500,000) (6,800,000) (1,100,000 $ (12,791,000) S (5,862,000) Prepare an acquisition date consolidated balance sheet for Casey Corporation and its subsidiary Kennedy Corporation. (For accou where multiple consolidation entries are required.combine all debit entries into one amount and enter this amount in the debi column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of th worksheet. Input all amounts as positive values.) Consolidated s 655,250 1,752,000 1,629,750 CASEY CORPORATION AND CONSOLIDATED SUBSIDIARY KENNEDY Worksheet for a Consolidated Balance Sheet January 1, 2021 Adjust. & Elim. Casey Kennedy Debit Credit Cash $ 500,000 $ 155,250 Accounts receivable 1.430,000 322,000 Inventory 1,415,000 214,750 Investment in Kennedy 3.252,000 2,600,000 Buildings (net) 5,902,500 2,340,000 Licensing agreements 2,830,000 Goodwill 291 500 Total assets $ 12,791,000 $5,862,000 Accounts payable $ (311,000) (462,000) Long-term debt (3,480,000) (2.800,000) Common stock (3,000,000) (1,000,000) Additional paid-in capital (500,000) Retained earnings (6,000,000) (1.100,000) Total liabilities and equities $(12,791,000) S (5862,000) $2 600 000 $ $ 4,037,000 0 $ 0