Foster Corporation established Kline Company as a wholly owned subsidiary. Foster reported the following balance sheet amounts immediately before and after it transferred assets and accounts payable to Kline Company in exchange for 4,600 shares of $12 par value common stock:

Amount Reported

Before Transfer

After Transfer

Assets

Cash

$

52,000

$

20,000

Accounts Receivable

80,000

35,000

Inventory

46,000

15,000

Investment in Kline Company

131,000

Land

17,000

14,000

Depreciable Assets

$

184,000

$

114,000

Accumulated Depreciation

80,000

104,000

46,000

68,000

Total Assets

$

299,000

$

283,000

Liabilities and Equities

Accounts Payable

$

31,000

$

15,000

Bonds Payable

76,000

76,000

Common Stock

54,000

54,000

Retained Earnings

138,000

138,000

Total Liabilities and Equities

$

299,000

$

283,000

a.&b.	Prepare the journal entry that Foster recorded when it transferred the assets to Kline, and the entry that Kline recorded for the receipt of assets and issuance of common stock to Foster. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
	(A) Record the transfer of assets and accounts payable by Foster Corporation to Kline Company.

(B) Record the receipt of assets and accounts payable by Kline Company from Foster Coproration.