Transfer of assets and accounts payable

Question

Creation of New Subsidiary:

Eagle Corporation established a subsidiary to enter into a new line of business considered to be substantially more risky than Eagle's current business. Eagle transferred the following assets and accounts payable to Sand Corporation in exchange for 5,000 share of $10 par value stock of Sand:

                                   Cost      Book Value

Cash                        $ 30,000      $30,000
Accounts Receivable     45,000       40,000
Inventory                    60,000       60,000
Land                            20,000      20,000
Buildings                    300,000     260,000
Accounts Payable         10,000       10,000

Required

a) Give the journal entry that Eagle recorded for the transfer of assets and accounts payable to Sand.

b) Give the journal entry that Sand recorded for receipt of the assets and accounts payable from Eagle.