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:

 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.

 

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