The balance sheets of Abdul Co. and Lana Co. on June 30, Year 2, just before the transaction described below, were as follows: Receivables Inventory Plant assets (net) Abdul $105,000 66,500 248,000 $419,500 $ 71,500 100, 250 146,500 101,250 $419,500 Current liabilities Long-term debt Common shares Retained earnings (deficit) Lana $ 26,150 8,750 72,350 $ 107,250 $ 33,600 46,100 46,050 (18,500) $ 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 Lana's net assets were equal to fair value except for the following: Inventory Plant assets Long-term debt Fair Value $10,650 76,100 39,800 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.) Journal entry worksheet A B > Record the acquisition of net assets of Lana Co. in Abdul Co.'s books. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Journal entry worksheet