Question: Please , I need help ! On January 1, 2018 Casey Corporation exchanged $3,271,000 cash for 100 percent of the outstanding voting stock of Kennedy

Please , I need help !
Please , I need help ! On January 1, 2018 Casey Corporation
exchanged $3,271,000 cash for 100 percent of the outstanding voting stock of

On January 1, 2018 Casey Corporation exchanged $3,271,000 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 falr-value allocation schedule: Fair value of Kennedy (consideration transferred) Carrying amount acquired Excess fair value to buildings (undervalued) to licensing agreements (overvalued) to goodw11 (Indefinite ulte) $ 3,271,000 2,600,000 $ 671,000 $ 378,000 (188,000) 190,000 481,000 3 Immediately after closing the transaction, Casey and Kennedy prepared the following postacquisition balance sheets from their separate financial records. Recounts Cash Accounts receivable Inventory Investment in Kennedy thuildings inet) Licensing agreements Goodwill Total aseta Accounts payable Long-term debt Common stock Additional paid-in capital Retained earnings Total liabilities and equition Casey Kennedy 493,000 $ 142,500 1.315,000 288,000 1,460,000 343,500 3,271,000 0 5,812,500 1.930,000 3,090,000 448,500 0 $ 12.800,000 55,794.000 $ 1380,000) (384,000) (3,420,000 (2,810,000) (3.000.000) (1.000.000) (500,000) (6,000,000) (2.100.000) 5 (12,300,000) $ (5,794,000) LYL VE Common stock Additional paid-in capital Retained earnings Total liabilities and equities VVU) 14, (3,000,000) (1,000,000) 0 (500,000) (6,000,000) (1,100,000) $ (12,800,000) $ (5,794,000) Prepare an acquisition date consolidated balance sheet for Casey Corporation and its subsidiary Kennedy Corporation. (Negative amounts should be indicated by a minus sign.) CASEY CORPORATION AND CONSOLIDATED SUBSIDIARY KENNEDY Consolidated Balance Sheet January 1, 2018 Assets Liabilities and Stockholders' Equity Cash $ 635,0001 TAccounts recolvable 1.603,000 Inventory 1,803,500 0 Licensing agreements Goodwill Total assets $ 4,041,500 Total liabilities and equitios S

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