P Company created a subsidiary S Company through internal expansion, and transferred the following net assets to the new company in exchange for 10,000 shares of S's newly issued $5 par common stock P Company Book Values 290,000 100,000 100,000 400,000 150,000 80,000 50,000 1,000 P Company Market Values 290,000 90,000 140,000 300,000 Cash Inventory Land Plant & Equipment Accumulated Depreciation Current Liabilities Bonds Payable Premium on Bonds Payable 80,000 51,000 The journal entry that P would make to record this transaction would include a Credit to premium on bonds payable of 1,000 Credit to bonds payable of 50,000 Debit to bonds payable of 50,000 Debit to bonds payable of 51,000 Oo