mega Lreatlon or new aunsmlary Eagle Corporation established a subsidiary to enter into a new line of business considered to be substantially more risky than Eagle's current business. Eagle transferred the following assets and accounts payable to Sand Corporation in exchange for 5,000 shares of $10 par value stock of Sand: 20X1 Jan. 1-June 30, 20X2 July 1Dec. 31, 20X2 Net Income: Alan Enterprises $4,460,000 $2,500,000 $3,528,000 Cherry Corporation 1,300,000 692,000 Cost Book Value Fair Value Cash $ 25,000 $ 25,000 $ 25,000 Inventory 70,000 70,000 70,000 Land 60,000 60,000 90,000 Buildings 170,000 130,000 240,000 Equipment 90,000 80,000 105,000 Accounts Payable 45,000 45,000 45,000 33 Chapter 1 intercorporate Acquisitions and investments in Other Entities Required a. Give the journal entry that Eagle recorded for the transfer of assets and accounts payable to Sand. b. Give the journal entry that Sand recorded for receipt of the assets and accounts payable from Eagle