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 4,300 shares of $11 par value common stock: Amount Reported Before Transfer After Transfer $ 59,000 76,000 49,000 $ 22,000 37,000 14,000 116,000 16,000 19,000 $181,000 93,000 $115,000 47,000 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 88,000 $291,000 68,000 $273,000 $ 37,000 74,000 53,000 127,000 $291,000 $ 19,000 74,000 53,000 127,000 $273,000 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the transfer of assets and accounts payable by Phoster Corporation to Skine Company. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the transfer of assets and accounts payable by Phoster Corporation to Skine Company. Note: Enter debits before credits. Event General Journal Debit Credit Record entro clear entry Viewgeneralliournal