Note:-• Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.• Answer completely.• You will get up vote for sure. The balance sheets of Abdul Co. and Lana Co. on June 30, Year 2, just before thetransaction described below, were as follows: Abdul Lana Cash and receivables $125,000 $36,150 Inventory 76,500 9,750 Plant assets (net) 268,000 82,350 $ 469,500 $128,250 Current liabilities $ 81,500 $ 43,600 Long-term debt 110,250 56,100 Commonshares 156,500 56,050 Retained earnings (deficit) 121,250 (27,500) $ 469,500 $ 128,250On June 30, Year 2, Abdul Co. purchased all of Lana Co. assets and assumed all of LanaCo. liabilities for $90,000 in cash. The carrying amounts of Lana's net assets were equalto fair value except for the following: Fair Value Inventory $11,650 Plant assets 86,100Long-term debt 49,800 Required: (a) Prepare the journal entries for Abdul Co. and forLana 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 recordingthe transaction noted above. (Leave no cells blank - be certain to enter "0" whereverrequired. Omit $ sign in your response.)

A journal entry is a basic accounting document that is used to track financial activities inside a…

he balance sheets of Abdul Co. and Lana Co. on ansaction described below, were as follows: Abo 5,000 $ 36,150 Inventory 76,500 9,750 Plant ass 8,250 Current liabilities $ 81,500 $ 43,600 Long- ares 156,500 56,050 Retained earnings (deficit) n June 30, Year 2, Abdul Co. purchased all of Lar D. liabilities for $90,000 in cash. The carrying am fair value except for the following: Fair Value In ng-term debt 49,800 Required: (a) Prepare the

he balance sheets of Abdul Co. and Lana Co. on ansaction described below, were as follows: Abo 5,000 $ 36,150 Inventory 76,500 9,750 Plant ass 8,250 Current liabilities $ 81,500 $ 43,600 Long- ares 156,500 56,050 Retained earnings (deficit) n June 30, Year 2, Abdul Co. purchased all of Lar D. liabilities for $90,000 in cash. The carrying am fair value except for the following: Fair Value In ng-term debt 49,800 Required: (a) Prepare the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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