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 4,600 shares of $11 par value common stock:

	Amount Reported
	Before Transfer		After Transfer
Assets
Cash		$ 54,000		$ 22,000
Accounts Receivable		76,000		36,000
Inventory		42,000		15,000
Investment in Skine Company				100,000
Land		19,000		16,000
Depreciable Assets	$ 186,000		$ 114,000
Accumulated Depreciation	94,000	92,000	39,000	75,000
Total Assets		$ 283,000		$ 264,000
Liabilities and Equities
Accounts Payable		$ 35,000		$ 16,000
Bonds Payable		79,000		79,000
Common Stock		52,000		52,000
Retained Earnings		117,000		117,000
Total Liabilities and Equities		$ 283,000		$ 264,000

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.