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 book value), Accounts Receivable $45,000 ($40,000 book value), Inventory $60,000 ($60,000 book value), Land $20,000 ($20,000 book value), Buildings & Equipment Accounts $300,000 ($260,000 book value). Prepare the journal entry that Pagle recorded for the transfer of assets and accounts payable to Sand.