On January 1,2024, Casey Corporation exchanged $3,209,000 cash for 100 percent of the outstanding voting...
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Accounting
On January Casey Corporation exchanged $ cash for 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 fairvalue allocation schedule:
Immediately after closing the transaction, Casey and Kennedy prepared the following postacquisition balance sheets from their separate financial records credit balances in parentheses
tableAccountsCasey,KennedyCash$$
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