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 $34,000$ 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

b$.$ Prepare the journal entry that Sollon recorded for the receipt of assets and accounts payable from Pab.

Complete this question by entering your answers in the tabs below.

Prepare the journal entry that Pab recorded for the transfer of assets and accounts payable to Sollon.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

A

Record the transfer of assets and accounts payable to Sollon.

Note: Enter debits before credits. there are two jornal entry A and B