P1-24 Assets and Accounts Payable Transferred to Subsidiary LO 1-3 Pab Corporation decided to establish Sollon Company as a wholly owned subsidiary by transferring some of its existing assets and liabilities to the new entity. In exchange, Sollon issued Pab 32,000 shares of $7 par value common stock. The following information is provided on the assets and accounts payable transferred: Required: a. Prepare the journal entry that Pab recorded for the transfer of assets and accounts payable to Sollon. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record the transfer of assets and accounts payable to Sollon. Note: Enter debits before credits. Record the receipt of assets and accounts payable from Pab. Note: Enter debits before credits