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 33,000 shares of $7 par value common stock. The following information is provided on the assets and accounts payable transferred: Book Value Fair Value $ 37,000 77,000 Cash Cost $ 37,000 $ 37,000 Inventory 77,000 77,000 Land 63,000 63,000 93,000 Buildings 189,000 137,000 251,000 Equipment 94,000 71,000 124,000 Accounts Payable 64,000 64,000 64,000 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.) View transaction list Journal entry worksheet A Record 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A Record the receipt of assets and accounts payable from Pab.