Pab Corporation decided to establish Sollon Company as a wholly owned subsidiary by transferring some of its existing assets and

$10$

liabilities to the new entity. In exchange, Sollon issued Pab $34,000$ shares of $$6$ par value common stock. The following information is

points

provided on the assets and accounts payable transferred:

Submit

eBook

Cash

Cost

Book Value

Fair Value

Lnvent

Buildings

Print

Equipment

References

Accounts Payable

$84,000$

$30,000$

$84,000$

$$30,000$

$84,000$

$175,0001141,000$

$98,000,71,000$

$59,000,59,000$

$242,000$

$114,000$

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.

Required A

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.