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 $4,500$ shares of $$10$ par value common stock:

Required:

a$.$ & b$.$ Prepare the journal entry that Phoster recorded when it transferred the assets to Skine, and the entry tha Skine recorded for the receipt of assets and issuance of common stock to Phoster.

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