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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.
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