Essay
Panton, Inc. acquired 18,000 shares of Glotfelty Corp. several years ago. At the present time, Glotfelty is reporting the following stockholders' equity: 
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.
Correct Answer:
Verified
Correct Answer:
Verified
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