Pester Company transferred the following assets to a newly created subsidiary, Shumby Corporation, in exchange for 40,000 shares of its $3 par value stock: Cost Book Value Cash $ 40,000 $ 40,000 Accounts Receivable 75,000 68,000 Inventory 50,000 50,000 Land 35,000 35,000 Buildings 160,000 125,000 Equipment 240,000 180,000 Required: a. and b. Prepare the journal entry in which Pester recorded the transfer of assets to Shumby Corporation, and the entry in which Shumby recorded for the receipt of assets and issuance of common stock to Pester