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 32,000 shares of $6 par value common stock. The following information is provided on the assets and accounts payable transferred: Cash Inventory Land Buildings Equipment Accounts Payable Cost $ 25,000 85,000 78,000 178,000 90,000 57,000 Book Value $ 25,000 85,000 78,000 134,000 78,000 57.000 Fair Value $ 25,000 85,000 108,000 242,800 114,000 57,000 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.) Skipped 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.) eBook Print View transaction list ferences