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E$1-5$ Asset Transfer to Subsidiary

Pale Company was established on January $1,20$X$1.$ Along with other assets, it immediately purchased land for $$80,000,$ a building for $$240,000,$ and equipment for $$90,000.$ On January $1,20$X$5,$ Pale transferred these assets, cash of $$21,000,$ and inventory costing $$37,000$ to a newly created subsidiary, Sight Company, in exchange for $10,000$ shares of Sight's $$6$ par value stock. Pale uses straight$-$line depreciation and useful lives of $40$ years and $10$ years for the building and equipment, respectively, with no estimated residual values.

Required

a$.$ Give the journal entry that Pale recorded when it transferred the assets to Sight.

b$.$ Give the journal entry that Sight recorded for the receipt of assets and issuance of common stock to Pale.