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 $12 par value common stock:

	Amount Reported
	Before Transfer						After Transfer
Assets
Cash				$	53,000					$	25,000
Accounts Receivable					73,000						32,000
Inventory					41,000						20,000
Investment in Skine Company											122,000
Land					25,000						22,000
Depreciable Assets	$	192,000					$	113,000
Accumulated Depreciation		80,000			112,000			46,000			67,000
Total Assets				$	304,000					$	288,000
Liabilities and Equities
Accounts Payable				$	34,000					$	18,000
Bonds Payable					78,000						78,000
Common Stock					58,000						58,000
Retained Earnings					134,000						134,000
Total Liabilities and Equities				$	304,000					$	288,000

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.)