Business, 28.05.2021 14:00 sheiladenson3619
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 4,200 shares of $11 par value common stock:
Amount Reported
Before Transfer After Transfer
Assets
Cash 50000 23000
Accounts Receivable 76,000 40,000
Inventory 42,000 20,000
22,000
Investment in Skine Company 98,000
Land 25000 22000
Depreciable Assets 180000 110000
Accumulated Depreciation 75000 105000 44000 66000
Total Assets 298000 269000
Liabilities and Equities
Accounts Pavable 40000 11000
Bonds Payable 72000 72000
Common Stock 59000 59000
Retained Earnings 127000 127000
Total Liabilities and Equities 298000 269000
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.
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Phoster Corporation established Skine Company as a wholly owned subsidiary. Phoster reported the fol...
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