On January 1, 2021. Casey Corporation exchanged $3,271,000 cash for 100 percent of the outstanding voting stock of Kennedy Corporation. Cosey 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) $ 3,271,020 Carrying amount acquired 2,6ee, Excess fair value 671,220 to buildings (undervalued) $ 378.000 to licensing agreements (overvalued) (188.20) 190.000 to goodwill (indefinite life) 481,220 Immediately after closing the transaction, Casey and Kennedy prepared the following postacquisition balance sheets from their separate financial records (credit balances in parentheses) $ Casey 493,820 1,315,00 1,460,ege 3,271,ese 5,812,50 Kennedy 142.58e 288.ee 343, 580 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 $ $ 448,50 $ 12,828,ese $ (380,000) (3,420,ese (3,000,000 e (6.0.000 $ (12,800,000 1,930.000 3,ese,000 e 5.794.000 (384,820) (2.810,000) (1.ee, 000 (582,00) (1,108,20 (5.794.ee) Prepare an scquisition date consolidated balance sheet for Casey Corporation and its subsidiary Kennedy Corporation. (For accounts where multiple consolidation entries are required.combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) Consolidated CASEY CORPORATION AND CONSOLIDATED SUBSIDIARY KENNEDY Worksheet for a Consolidated Balance Sheet January 1, 2021 Adjust & Ellim. Casey Kennedy Debit Credit Cash S 493,000 S 142,500 Accounts receivable 1.315,000 268,000 Inventory 1,460,000 343,500 Investment in Kennedy 3.271.000 Buildings (net) 5.812,500 1.930,000 Licensing agreements 3,090,000 Goodwill 448,500 Total assets S 12.800,000 $ 5,794,000 Accounts payable S (380,000) (384,000) Long term deb! (3,420,000) (2.810,000 Common stock (3,000,000) (1.000.000 Additional paid in capital (500,000 Retained earnings (8,000,000) (1.100.000) Total liabilities and equities S (12,800,000) S (5,794,000)