Check my work The balance sheets of Abdul Co, and Lana Co. on June 30, Year 2, just before the transaction described below, were as follows: Cash and receivables Inventory Plant assets (net) Abdul $111,000 69,500 254,000 $434,500 $ 74,500 103, 250 149,500 107,250 $434.500 Lana $ 29,150 9,050 75, 350 $ 113,550 $ 36,600 49,100 49,050 (21,200) $ 113,550 Current liabilities Long-term debt Common shares Retained earnings (deficit) On June 30, Year 2, Abdul Co. purchased all of Lana Co. assets and assumed all of Lana Co. liabilities for $76,000 in cash. The carrying amounts of Lana's net assets were equal to fair value except for the following: Inventory Plant assets Long-term debt Fair Value $10,950 79,100 42.800 Required: (a) Prepare the journal entries for Abdul Co. and for Lana Co. to record this transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet