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: Fair value of Kennedy consideration transferred $ Carrying amount acquired Excess fair value $ to buildings undervalued $ to licensing agreements overvalued to goodwill indefinite life $ 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 $ $ Accounts receivable Inventory Investment in Kennedy Buildings net Licensing agreements Good
