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 $11 par value common stock:

	Amount Reported
	Before Transfer						After Transfer
Assets
Cash				$	49,000					$	21,000
Accounts Receivable					76,000						35,000
Inventory					41,000						14,000
Investment in Skine Company											120,000
Land					23,000						20,000
Depreciable Assets	$	198,000					$	107,000
Accumulated Depreciation		87,000			111,000			38,000			69,000
Total Assets				$	300,000					$	279,000
Liabilities and Equities
Accounts Payable				$	37,000					$	16,000
Bonds Payable					74,000						74,000
Common Stock					57,000						57,000
Retained Earnings					132,000						132,000
Total Liabilities and Equities				$	300,000					$	279,000

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.)