We study entanglement distillation and dilution of states and channels in the single-shot regime. With the help of a recently introduced conversion distance, we provide compact closed-form expressions for the dilution and distillation of pure states and show how this can be used to efficiently calculate these quantities on multiple copies of pure states. These closed-form expressions also allow us to obtain second-order asymptotics. We then prove that the ε-single-shot entanglement cost of mixed states is given exactly in terms of an expression containing a suitably smoothed version of the conditional max-entropy. For pure states, this expression reduces to the smoothed max-entropy of the reduced state, for which we provide a closed-form expression. Analogously, we provide a closed-form expression for the smoothed min-entropy and connect it to the ε-single-shot distillable entanglement. Based on these results, we bound the single-shot entanglement cost of channels. We then turn to the one-way entanglement distillation of states and channels and provide bounds in terms of a quantity we denote coherent information of entanglement.