Balance Sheet Totals of Parent Company

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$.$ Give the journal entry that Phoster recorded when it transferred its assets and accounts payable

to Skine.

b$.$ Give the journal entry that Skine recorded upon receipt of the assets and accounts payable from

Phoster.