Copyright © 2018, arXiv, All rights reserved. This paper establishes single-letter formulas for the exact entanglement cost of generating bipartite quantum states and simulating quantum channels under free quantum operations that completely preserve positivity of the partial transpose (PPT). First, we establish that the exact entanglement cost of any bipartite quantum state under PPT-preserving operations is given by a single-letter formula, here called the $ąppa$-entanglement of a quantum state. This formula is calculable by a semidefinite program, thus allowing for an efficiently computable solution for general quantum states. Notably, this is the first time that an entanglement measure for general bipartite states has been proven not only to possess a direct operational meaning but also to be efficiently computable, thus solving a question that has remained open since the inception of entanglement theory over two decades ago. Next, we introduce and solve the exact entanglement cost for simulating quantum channels in both the parallel and sequential settings, along with the assistance of free PPT-preserving operations. The entanglement cost in both cases is given by the same single-letter formula and is equal to the largest $p̨pa$-entanglement that can be shared by the sender and receiver of the channel. It is also efficiently computable by a semidefinite program.