include P created a new company called S by transferring machinery (cost $50,000, book value $35,000) to S. In the books of P, the journal entry for the transfer will Debit to accumulated depreciation with $15.000 Credit to accumulated depreciation with $15,000 Credit to Machinery $35,000 Debit to machinery 540,000 QUESTION 22 Pissued bonds with a par value of $100,000 (market value $93,000) to buy all the net assets of S. In the acquisition journal entry in the books of P. Bond Payable will be credited with $93,000 Discount on Bond Payable will be debited with $7,000 Premium on Bond Payable will be credited with $7,000 Bond Payable will be debited with $100,000