Business, 18.02.2020 21:37 genyjoannerubiera

Pab Corporation decided to establish Solion Company as a wholly owned subsidiary by transferring some of ts existing assets and liabilities to the new entity. In exchange, Sollon issued Pab 38,000 shares of $7 par value common stock. The following information is provided on the assets and accounts payable transferred: cost Book value par valueCash 28,000 28,000 71,000 Inventory 70,000 28,000 71,000 Land 100,000 149,000 250,000Building 108,000 71,000 173,000Equipment 71000 70000 95000 Accounts Payable 54,000 54000 54000 a. Prepare the journal entry that Pab recorded for the transfer of assets and accounts payable to Sollon (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) b. Prepare the journal entry that Sollon recorded for the receipt of assets and accounts payable from Pab.

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