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 31,000 shares of $6 par value common stock. The following information is provided on the assets and accounts payable transferred: Cash Land Inventory Buildings Equipment Accounts Payable Required: Cost $ 35,000 75,000 Book Value $ 35,000 Fair Value $ 35,000 75,000 75,000 63,000 63,000 170,000 146,000 93,000 242,000 92,000 77,000 105,000 61,000 61,000 61,000 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B 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. No Event General Journal A 1 Investment in Sollon Company common stock Accounts payable Accumulated depreciation-Buildings Accumulated depreciation-Equipment Debit 354,000 59,000 37,000 x 14,000 Credit Cash Inventory 35,000 75,000 Land 63,000 Buildings 146,000 x Equipment 77,000 < Required A Required B > Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the journal entry that Sollon recorded for the receipt of assets and accounts payable from Pab. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Event General Journal Debit < Required A Required B > Credit