201 Ch 1 Saved want to restart updates now or try tonis Help Save & Ex Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Phoster Corporation established Skine Company as a wholly owned subsidiary. Phoster reported the following balance sheet amounts immediately before and after it transferred assets and accounts payable to Skine Company in exchange for 5,000 shares of $11 par value common stock: Assets Cash Accounts Receivable Inventory Investment in Skine Company Land Depreciable Assets Accumulated Depreciation Total Assets Liabilities and Equities Accounts Payable Bonds Payable Common Stock Retained Earnings Total Liabilities and Equities Amount Reported Before Transfer After Transfer $ 51,000 76,000 38,000 22,000 $ 21,000 41,000 18,000 103,000 19,000 $ 185,000 80,000 $ 112,000 105,000 $ 292,000 38,000 74,000 $ 34,000 79,000 53,000 126,000 $ 292,000 $ 276,000 $ 18,000 79,000 53,000 126,000 $ 276,000 Required: a. & b. Prepare the journal entry that Phoster recorded when it transferred the assets to Skine, and the entry that Skine recorded for the receipt of assets and issuance of common stock to Phoster. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Event 1 a Answer is not complete. General Journal Investment in Skine Company common stock Accumulated depreciation Debit 103,000 Credit 3,000 Prev 1 of 7 Next > Return to