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Tab Corporation decided to establish Collon Company as a wholly owned subsidiary by transferring some of its existing assets and liabilities to the new entity. In exchange, Collon issued Tab 30,000 shares of $6 par value common stock. The following information is provided on the assets and accounts payable transferred:Required

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a. Give the journal entry that Tab recorded for the transfer of assets and accounts payable to Collon.b. Give the journal entry that Collon recorded for the receipt of assets and accounts payable fromTab. Get Accounting Help Today