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 Assets Cash Accounts Receivable Inventory Investment in Skine Company Land Depreciable Assets. Total Assets Accumulated Depreciation Liabilities and Equities Accounts Payable Bonds Payable Common Stock Retained Earnings: Total Liabilities and Equities Amount Reported Before Transfer After Transfer $ 40,000 $ 25,000 65,000 30,000 41,000 21,000 66,000 15,000 12,000 $180,000 75,000 105,000 $255,000 $115,000 47,000 68,000 $233,000 $ 40,000 $ 18,000 80,000 80,000 60,000 60,000 75,000 $259,000 75,000 $233,000 CH Required: a & b. Prepare the journal entry that Phoster recorded when it transferred its assets and accounts payable to Skine and the entry that Skine recorried upon receipt of the assets and accounts navable from Phoster (If no entry is required for a transaction/event select