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 30,000 shares of \$6 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