QUESTION 23 Company P transfers assets and liabilities to a newly created subsidiary Company S. In the books of S. Fair values will be used to record the assets and Hobilities All assets will be debited and Babilities will be credited Accumulated depreciation account will be debited All assets will be credited and abilities will be debited QUESTION 24 P Company was formed on Jan 1, 20X1. On the same day, P purchased land for $100,000 and a building for $200,000. Ahor exactly 3 years. It transferred these two assets. cash of $50,000 and accounts payable $10,000 to a newly created subsidiary S Company. In exchange. S Company issued 15,000 shares of $10 par value. Puses straight-line method of depreciation Useful life for the building is 10 years, with zero residual value. In the books of P, the investment account will be debited with how much amount? Debited with $280,000 Credited with $300,000 Debited with $240,000 O Credited with $290,000