Question: How do I specifically calculate good will for Abdul? The balance sheets of Abdul Co. and Lana Co. on June 30, Year 2, just before

How do I specifically calculate good will for Abdul?

How do I specifically calculate good will for Abdul? The balance sheets

The balance sheets of Abdul Co. and Lana Co. on June 30, Year 2, just before the transaction described below, were as follows: On June 30, Year 2, Abdul Co. purchased all of Lana Co. assets and assumed all of Lana Co. liabilities for $76,000 in cash. The carrying amounts of Lana's net assets were equal to fair value except for the following: 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.)

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