On January 1, 2021, Casey Corporation exchanged $3,210,000 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)       $ 3,210,000 Carrying amount acquired         2,600,000 Excess fair value       $ 610,000 to buildings (undervalued) $ 393,000       to licensing agreements (overvalued)   (193,000 )   200,000 to goodwill (indefinite life)       $ 410,000     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 $ 480,000     $ 166,500   Accounts receivable   1,420,000       295,000   Inventory   1,490,000       126,500   Investment in Kennedy   3,210,000       0   Buildings (net)   5,992,500       2,580,000   Licensing agreements   0       3,440,000   Goodwill   249,500       0   Total assets $ 12,842,000     $ 6,608,000   Accounts payable $ (372,000 )   $ (438,000 ) Long-term debt   (3,470,000 )     (3,570,000 ) Common stock   (3,000,000 )     (1,000,000 ) Additional paid-in capital   0       (500,000 ) Retained earnings   (6,000,000 )     (1,100,000 ) Total liabilities and equities $ (12,842,000 )   $ (6,608,000 )     Prepare an acquisition-date consolidated balance sheet for Casey Corporation and its subsidiary Kennedy Corporation. (For accounts where multiple consolidation entries are required,combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.)

ProForm acquired 70 percent of ClipRite on June 30, 2020, for $910,000 in cash. Based on ClipRite’s acquisition-date fair value, an unrecorded intangible of $400,000 was recognized and is being amortized at the rate of $10,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $390,000 at the acquisition date. The 2021 financial statements are as follows: *see image    ClipRite sold ProForm inventory costing $72,000 during the last six months of 2020 for $120,000. At year-end, 30 percent remained. ClipRite sold ProForm inventory costing $200,000 during 2021 for $250,000. At year-end, 10 percent is left.   Determine the consolidated balances for the following:  SalesCost of Goods SoldOperating ExpensesDividend IncomeNet Income Attributable to Noncontrolling InterestInventoryNoncontrolling Interest in Subsidiary, 12/31/21

ProForm acquired 70 percent of ClipRite on June 30, 2023, for $1,400,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $640,000 was recognized and is being amortized at the rate of $16,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $600,000 at the acquisition date. The 2024 financial statements are as follows Itens sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/24 Net Income Dividends declared Retained earnings, 12/31/24 Cash and receivables Inventory Investment in cliptite Fixed assets Accumulated depreciation Totals Liabilities Common stock Retained earnings, 12/31/24 Totals Proform $ (910,000) 590,000 210,000 (63,000) $ (173,000) $ (2,000,000) (173,000) 210,000 Sales Cost of goods sold Operating expenses Dividend income Net income attributable to noncontrolling interest Inventory Noncontrolling interest in subsidiary, 12/31/24 $…

House Corporation has been operating profitably since its creation in 1960. At the beginning of 2016, House acquired a 70 percent ownership in Wilson Company. At the acquisition date, House prepared the following fair-value allocation schedule:                 Consideration transferred for 70% interest in Wilson         $ 707,000 Fair value of the 30% noncontrolling interest           303,000 Wilson business fair value         $ 1,010,000 Wilson book value           790,000 Excess fair value over book value         $ 220,000 Assignments to adjust Wilson’s assets to fair value:             To buildings (20-year remaining life) $ 60,000         To equipment (4-year remaining life)   (20,000 )       To franchises (10-year remaining life)   40,000       80,000 To goodwill (indefinite life)         $ 140,000     House regularly buys inventory from Wilson at a markup of 25 percent more than cost. House's purchases during 2016 and 2017 and related ending inventory…

On January 1, 2021, 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:                   Fair value of Kennedy (consideration transferred)         $ 3,300,000   Carrying amount acquired           2,600,000   Excess fair value         $ 700,000   to buildings (undervalued) $ 382,000           to licensing agreements (overvalued)   (108,000 )     274,000   to goodwill (indefinite life)         $ 426,000       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 $ 457,000     $ 172,500   Accounts receivable   1,655,000…