Panton, Inc. acquired 18,000 shares of Glotfelty Corp. several years ago for $30 per share when Glotfelty had a book value of $450,000. Before and after that time, Glotfelty's stock traded at $30 per share. At the present time, Glotfelty reports the following stockholders' equity: Common stock, $10 par value(20,000 shares outstanding)$200,000 Additional paid in capital 100,000 Retained earnings 300,000 $600,000 ??Glotfelty issues 5,000 shares of previously unissued stock to the public for $40 per share. None of this stock is purchased by Panton. ?Prepare Panton's journal entry to recognize the impact of this transaction.
What will be an ideal response?
| Investment in Glotfelty | 63,000 | |
| Additional Paid in Capital | 63,000 | |
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