On January $1,2021,$ Casey Corporation exchanged $$4,000,000$ 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 a fair$-$value allocation schedule that includes the following figures:

Fair value of Kennedy $($consolidation transferred$)$

o Carrying amount acquired

Excess fair value

to buildings $($undervalued$)$

to licensing agreements $($overvalued$)$

to goodwill $($indefinite life$)$

$\backslash$table$[[$$$4,000,000,],[$$$3,100,000,],[,$$$900,000$