Please help me Pab Corporation decided to establish Sollon Company as a wholly owned subsidiary by transferring some of its existing assets andliabilities to the new entity. In exchange, Sollon issued Pab 36,000 shares of $6 par value common stock. The following information isprovided on the assets and accounts payable transferred:CashInventoryLandBuildingsEquipmentAccounts PayableCost$ 38,00072,00079,000190,00092,00055,000Required A Required BBook Value$ 38,00072,00079,000132,00076,00055,000Fair Value$ 38,00072,000109,000242,000124,00055,000Required:a. Prepare the journal entry that Pab recorded for the transfer of assets and accounts payable to Sollonb. Prepare the journal entry that Sollon recorded for the receipt of assets and accounts payable from Pab.Complete this question by entering your answers in the tabs below.

A formal record of a financial transaction or event is called a journal entry in accounting. It is…

Pab Corporation decided to establish Sollon Company as a wholly owned subsidiary by tr iabilities to the new entity. In exchange, Sollon issued Pab 36,000 shares of $6 par value provided on the assets and accounts payable transferred: Cash Inventory Land Buildings Equipment Accounts Payable Cost $ 38,000 72,000 79,000 190,000 92,000 55,000 Book Value $ 38,000 72,000 79,000 132,000 76,000 55,000 Fair Value $ 38,000 72,000 109,000 242,000 124,000 55,000

Pab Corporation decided to establish Sollon Company as a wholly owned subsidiary by tr iabilities to the new entity. In exchange, Sollon issued Pab 36,000 shares of $6 par value provided on the assets and accounts payable transferred: Cash Inventory Land Buildings Equipment Accounts Payable Cost $ 38,000 72,000 79,000 190,000 92,000 55,000 Book Value $ 38,000 72,000 79,000 132,000 76,000 55,000 Fair Value $ 38,000 72,000 109,000 242,000 124,000 55,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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