Question 1 (50 points). Panther Corporation decided to establish Snake Company as a wholly owned subsidiary by transferring some of its existing assets and liabilities to the new entity. In exchange, Snake issued 100,000 shares of $2 par value common stock. The following information is provided on the assets and liabilities transferred: Cash Accounts Receivable Patent Building & Equipment Land Accounts Payable Required: Cost Book Value $50,000 $50,000 80,000 75,000 70,000 70,000 200,000 140,000 60,000 60,000 20,000 20,000 a. Give the journal entry that Panther recorded for the transfer of assets and liabilities to Snake (25 points). b. Give the journal entry that Snake recorded for the receipt of assets and liabilities from Panther (25 points).