Problem $2-28($Algo$)($LO $2-4,2-7)$

On January $1,2024,$ Casey Corporation exchanged $$3,327,000$ 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$)$

Carrying amount acquired

Excess fair value

to buildings $($undervalued$)$

to licensing agreements $($overvalued$)$

to goodwill $($indefinite life$)$

Immediately after closing the transaction, Casey and Kennedy prepared the following postacquisition balance sheets from their

separate financial records $($credit balances in parentheses$).$

Requlred:

Prepare an acquisition$-$date consolidated balance sheet for Casey Corporation and its subsidiary Kennedy Corporation.

Note: For accounts where multiple consolldatlon entrles are requlred, comblne all deblt entrles Into one amount and enter thls

amount In the deblt column of the worksheet. SImllarly, combine all credit entrles Into one amount and enter thls amount In the

credlt column of the worksheet. Input all amounts as positive values.