Exercise $1-7($Static$)$ Balance Sheet Totals of Parent Company LO $1-2,1-3$

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 $4,000$ shares of $$12$ par

value common stock:

Required:

a$.$ and b$.$ Prepare the journal entry that Phoster recorded when it transferred its assets and accounts payable to Skine and the entry

that Skine recorded upon receipt of the assets and accounts payable from Phoster.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.