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
Cash and receivables	$	105,000	$	26,150
Inventory		66,500		8,750
Plant assets (net)		248,000		72,350
	$	419,500	$	107,250
Current liabilities	$	71,500	$	33,600
Long-term debt		100,250		46,100
Common shares		146,500		46,050
Retained earnings (deficit)		101,250		(18,500)
	$	419,500	$	107,250

On June 30, Year 2, Abdul Co. purchased all of Lana Co. assets and assumed all of Lana Co. liabilities for $70,000 in cash. The carrying amounts of Lanas net assets were equal to fair value except for the following:

	Fair Value
Inventory	$10,650
Plant assets	76,100
Long-term debt	39,800

Required:

(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.)