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 4,300 shares of $10 par value common stock Amount Reported Before Transfer After Transfer $ 59,000 70,000 32.000 $ 24,000 36,000 11,000 107.000 13,000 16,000 $132,000 22.000 $113.000 43.100 Assets Cash Accounts Receivable Tnventory Investment in Skine Company Land Depreciable Assets Accumulated Depreciation Total Assets tibilities and Equities Accounts Payable Bonds Payable Common Stock Retained Earnings Total Liabilities and Equities 105,000 $282,000 70,000 5261,000 $ 34,000 75,000 59,000 114,000 $282,000 $ 13,000 75,000 59,000 114.000 5261,000 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.) Journal entry worksheet 1 2 Record the transfer of assets and accounts payable by Phoster Corporation to Skine Company Note: Enter debits before credits. Event General Journal Debit Credit a Record entry Clear entry View general Journal Journal entry worksheet Record the receipt of assets and accounts payable by Skine Company from Phoster Corporation. Note: Enter debits before credits. Event General Journal Debit Credit b Record entry Clear entry View general journal