19. On January 1, 2019, Cumberland Electric's retained earnings balance was $63,000. In 2019, Cumberland produced net income of $55,000 and their ending retained earnings balance on December 31 was $85,000. How much did Cumberland pay in dividends in 2019? $22,000$30,000$33,000$77,000 20. In 2016 , Gates Industries purchased William Industries for $1 billion. The book value of William Industries at the time was $200 million. Where should the excess amount of $800,000 that Gates is paying be recorded in the financial statements? Tangible asset - excess value of company purchased Intangible asset - goodwill Tangible asset - patents and copyrights Intangible asset - excess value of company purchased 21. Bay Industries receives payment from a customer for money that is owed to them from a sale a month ago. What is the correct way to journal the transaction? Debit cash; credit sales Debit accounts receivables; credit accounts payable Debit cash, credit accounts receivables Debit accounts payables, credit accounts receivables 2. The next question deals with the December 31,2019 Balance Sheet of Horan Industries. Horan Industries began 2019 with $30,000 in inventory. In 2019 , its inventory purchases amounted to $50,000, and it had no inventory-related write-downs or losses. What amount did Horan record as their cost of goods sold expense in 2019? $30,000$40,000$50,000$60,000