. could you answer part B please?Pagle Corporation established a subsidiary to enter into a new line of business considered to be substantially more risky than Pagle'scurrent business. Pagle transferred the following assets and accounts payable to Sand Corporation in exchange for 5,000 shares of$10 par value stock of Sand:CashAccounts ReceivableInventoryLandBuildings and EquipmentAccounts PayableCost$ 30,00045,00060,00020,000300,00010,000Required BBook Value$ 30,00040,00060,00020,000260,00010,000Required:a. Prepare the journal entry that Pagle recorded for the transfer of assets and accounts payable to Sandb. Prepare the journal entry that Sand recorded for receipt of the assets and accounts payable from Pagle.Complete this question by entering your answers in the tabs below.Required APrepare the journal entry that Sand recorded for receipt of the assets and accounts payable from Pagle.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Introduction: A journal entry is used to record a business transaction in a company's accounting…

could you answer part B please? Pagle Corporation established a subsidiary to enter into a new line of business considered to be substantially more risky than Pagle's current business. Pagle transferred the following assets and accounts payable to Sand Corporation in exchange for 5,000 shares of $10 par value stock of Sand: Cash Accounts Receivable Inventory Land Buildings and Equipment Accounts Payable Required A Cost $ 30,000 45,000 60,000 20,000 300,000 10,000 Required B Book Value $ 30,000 40,000 60,000 20,000 Required: a. Prepare the journal entry that Pagle recorded for the transfer of assets and accounts payable to Sand. b. Prepare the journal entry that Sand recorded for receipt of the assets and accounts payable from Pagle. Complete this question by entering your answers in the tabs below. 260,000 10,000 Prepare the journal entry that Sand recorded for receipt of the assets and accounts payable from Pagle. Note: If no entry is required for a transaction/event, select "No journal entry required in the first account field.