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. & 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)