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 4,400 shares of $10 par value common stock: Amount Reported Before Transfer After Transfer $ 51,000 66,000 31,000 $ 21,000 36,000 19,000 79,000 17,000 20,000 $193,000 91,000 $113,000 38,000 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 102,000 $270,000 75,000 $247,000 $ 36,000 70,000 50,000 114,000 $ 270,000 $ 13,000 70,000 50,000 114,000 $247,000 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. Note: Enter debits before credits. Journal entry worksheet