The balance sheets of Abdul Co. and Lana Co. on June 30, Year 2, just before the transaction described below, were as follows:

	Abdul		Lana
Receivables	$	103,000	$	25,150
Inventory		65,500		8,650
Plant assets (net)		246,000		71,350
	$	414,500	$	105,150
Current liabilities	$	70,500	$	32,600
Long-term debt		99,250		45,100
Common shares		145,500		45,050
Retained earnings (deficit)		99,250		(17,600)
	$	414,500	$	105,150

On June 30, Year 2, Abdul Co. purchased all of Lana Co. assets and assumed all of Lana Co. liabilities for $68,000 in cash. The carrying amounts of Lanas net assets were equal to fair value except for the following:

	Fair Value
Inventory	$10,550
Plant assets	75,100
Long-term debt	38,800

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.)

(b) Prepare balance sheets for Abdul Co. and Lana Co. at June 30, Year 2, after recording the transaction noted above. (Leave no cells blank - be certain to enter "0" wherever required. Omit $ sign in your response.)

NOTE: I've done required (a). I'm just confused and need help with part (b) of the question.

No General Journal Debit Credit Transaction 1 A Receivables Inventory Plant assets Goodwill Current liabilities Long-term debt Cash 25,150 10,550 75,100 28,600 32,600 38,800 68,000 B N 68,000 32,600 45,100 Cash Current liabilities Long-term debt Receivables Inventory Plant assets 25,150 8,650 71,350 Abdul Co. and Lana Co. Balance Sheet at June 30, Year 2 Abdul Co. $ Receivables Inventory Plant assets (net) Goodwill Lana Co. $ 68000 0 0 0 ta tA 68000 $ $ Current liabilities Long-term debt Common shares Retained earnings (deficit) $