On January $1,2024,$ Casey Corporation exchanged $$3,262,000$ 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$)$ $ $3,262,000$ Carrying amount acquired $2,600,000$ Excess fair value $ $662,000$ to buildings $($undervalued$)$ $ $384,000$ to licensing agreements $($overvalued$)(199,000)185,000$ to goodwill $($indefinite life$)$ $ $477,000$ Immediately after closing the transaction, Casey and Kennedy prepared the following postacquisition balance sheets from their separate financial records $($credit balances in parentheses$).$ Accounts Casey Kennedy Cash $ $423,000$ $ $139,500$ Accounts receivable $1,515,000305,000$ Inventory $1,655,000230,500$ Investment in Kennedy $3,262,0000$ Buildings $($net$)5,820,0002,280,000$ Licensing agreements $02,720,000$ Good