On January 1, 2021. Casey Corporation exchanged $3,164,000 cash for 100 percent of the outstanding...
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On January 1, 2021. Casey Corporation exchanged $3,164,000 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: Immediately after closing the transaction, Casey and Kennedy prepared the following postacquisition balance sheets from their separate finandial records (credit balances in parentheses). CASEY CORPORATION AND CONSOLIDATED SUBSIDIARY KENNEDY Worksheet for a Consolidated Balance Sheet January 1,2021 On January 1, 2021. Casey Corporation exchanged $3,164,000 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: Immediately after closing the transaction, Casey and Kennedy prepared the following postacquisition balance sheets from their separate finandial records (credit balances in parentheses). CASEY CORPORATION AND CONSOLIDATED SUBSIDIARY KENNEDY Worksheet for a Consolidated Balance Sheet January 1,2021
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