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In: AccountingAlbuquerque, Inc., acquired 24,000 shares of Marmon Companyseveral years ago for $720,000. At the acquisition...Albuquerque, Inc., acquired 24,000 shares of Marmon Companyseveral years ago for $720,000. At the acquisition date, Marmonreported a book value of $500,000, and Albuquerque assessed thefair value of the noncontrolling interest at $30,000. Any excess ofacquisition-date fair value over book value was assigned tobroadcast licenses with indefinite lives. Since the acquisitiondate and until this point, Marmon has issued no additional shares.No impairment has been recognized for the broadcast licenses.At the present time, Marmon reports $550,000 as totalstockholders’ equity, which is broken down as follows:Common stock ($10 par value)$250,000Additional paid-in capital200,000Retained earnings100,000Total$550,000View the following as independent situations:a. & b. Marmon sells 7,000 and 5,000 sharesof previously unissued common stock to the public for $40 and $30per share. Albuquerque purchased none of this stock. What journalentry should Albuquerque make to recognize the impact of this stocktransaction?