Pab Corporation decided to establish Solion Company as a wholly owned subsidiary by transferring some of ts existing assets and liabilities to the new entity. In exchange, Sollon issued Pab 38,000 shares of $7 par value common stock. The following information is provided on the assets and accounts payable transferred: Canh 28,000 28,000 71,000 70,000 28,000 71,000 100,000 149,000 250,000 108,000 54,000 Inventory Land Buildings173,000 Equipment Accounts Payable 71,000 70,000 95,000 54,00054,000 77,000 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.) b. Prepare the journal entry that Sollon recorded for the receipt of assets and accounts payable from Pab. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list