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What journal entry is required by job

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Question - Job Inc. owns 20,000 shares of Nojob Company which it bought in 2005. Nojob's total stockholders' equity is as follows:

Common stock, $20 par $500,000

Additional paid in capital 200,000

Retained earnings 200,000

Total common equity $900,000

Nojob issues 5,000 previously unissued shares of common stock in the market for $50 per share.

Required: Assume outsiders buy the stock. What journal entry is required by Job?

Reference no: EM131792803

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