Mimics Chapter 1 Homework Question 6. Pagle Corporation established a subsidiary to enter into a new line of business considered to be substantially more risky than Pagle's current business. Pagle transferred the folowing assets and accounts payable to Sand Corporation in exchange for 5,000 shares of S10 par value stock of Sand: Cost Fair Value Various Assets $ 455,000 $ 510,000 Accounts Payabk 10,000 10,000 Which journal entry would Pagle prepare to record the transfer of assets and accounts payable to Sand