Question

On January 1, 2015, Casey Corporation exchanged $3,300,000 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:


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


Prepare a January 1, 2015, consolidated balance sheet for Casey Corporation and its subsidiary Kennedy Corporation.


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  • CreatedJanuary 08, 2015
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