What journal entry is required by job

Assignment Help Financial Accounting

Reference no: EM13142932

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:

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

Reference no: EM13142932

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