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 4,000 shares of $11 par value common stock:

	Amount Reported
	Before Transfer		After Transfer
Assets
Cash		$ 45,000		$ 22,000
Accounts Receivable		68,000		36,000
Inventory		40,000		12,000
Investment in Skine Company				80,000
Land		22,000		19,000
Depreciable Assets	$ 181,000		$ 111,000
Accumulated Depreciation	94,000	87,000	40,000	71,000
Total Assets		$ 262,000		$ 240,000
Liabilities and Equities
Accounts Payable		$ 32,000		$ 10,000
Bonds Payable		79,000		79,000
Common Stock		59,000		59,000
Retained Earnings		92,000		92,000
Total Liabilities and Equities		$ 262,000		$ 240,000

Record the transfer of assets and accounts payable by Phoster Corporation to Skine Company.