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) Current liabilities Long-term debt Common shares Retained earnings (deficit) Abdul $101,000 64,500 244,000 $409,500 $ 69,500 Lana $ 24,150 8,550 70,350 $ 103,050 $ 31,600 44,100 98,250 144,500 97,250 $409,500 $ 103,050 44,050 (16,700) On June 30, Year 2, Abdul Co. purchased all of Lana Co. assets and assumed all of Lana Co. liabilities for $66,000 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 $10,450 74,100 37,800 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.) Record the acquisition of net assets of Lana Co. in Abdul Co.'s books. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record the sale of assets and liabilities to Abdul Co. in Lana Co.'s books. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit (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.) Cash and receivables Inventory Plant assets (net). Abdul Co. and Lana Co. Balance Sheet at June 30, Year 2 Abdul Co. Lana Co. $ Goodwill Current liabilities Long-term debt Common shares Retained earnings (deficit) es