Assets and Accounts Payable Transferred to Subsidiary Pab Corporation decided to establish Sollon Company as a wholly owned subsidiary by trans- ferring some of its existing assets and liabilities to the new entity. In exchange, Sollon issued Pab 30,000 shares of $6 par value common stock. The following information is provided on the assets and accounts payable transferred 1-24 LO 1-3 Cost 25,000 $ 25,000 70,000 60,000 s 25,000 70,000 Cash 70,000 Inventory Payable 90,000 130.000 90,000 45,000 60,000 Land 240,000 Buildings Equipment Accounts Payable 170,000 105,000 80,000 45,000 45,000 Required Give the journal entry that Pab recorded for the transfer of assets and accounts payable to Sollon. a. b. Give the journal entry that Sollon recorded for the receipt of assets and accounts payable from Pab