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 4,800 shares of $11 par value common stock: Assets Cash Accounts Receivable Inventory Investment in Skine Company Land Depreciable Assets Before Transfer Amount Reported After Transfer $ 50,000 $ 22,000 71,000 34,000 41,000 18,000 93,000 23,000 20,000 $184,000 $106,000 41,000 Accumulated Depreciation Total Assets Liabilities and Equities Accounts Payable Bonds Payable Common Stock ences Retained Earnings: Total Liabilities and Equities Required: 82,000 102,000 $280,000 $ 38,000 76,000 55,000 111,000 65,000 $259,000 $ 17,000 76,000 55,000 111,000 $259,000 $280,000 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 < 1 2 Record the transfer of assets and accounts payable by Phoster Corporation to Skine Company.