Solved: Panton ice acquired 18000 share of glotfelty corp several, Accounting Basics

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Panton ice acquired 18000 share of glotfelty corp several

Problem

Panton ice acquired 18000 shares of glotfelty corp several years ago. Glotfelty issues 5000 shares of previously unissed stock to the public for $27 per share. None of this stock is purchased by panton How would this transaction affect panton's books?

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Accounting Basics: Panton ice acquired 18000 share of glotfelty corp several

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