Give the journal entry that pagle recorded for the transfer

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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 $ 30,000 $ 30,000

Accounts Receivable  45,000  40,000

Inventory  60,000  60,000

Land  20,000  20,000

Buildings & Equipment  300,000  260,000

Accounts Payable  10,000  10,000

Problem 1: Give the journal entry that Pagle recorded for the transfer of assets and accounts payable to Sand.

Problem 2: Give the journal entry that Sand recorded for receipt of the assets and accounts payable from Pagle.

Reference no: EM132983239

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