20) Dallkin Corporation issued 5,000 shares of common stock on January 1, 2015. The stock has no par value and was sold at $18 per share. The journal entry for this transaction would include a: A) debit to Cash for $90,000 and a credit to Common Stock--No-Par Value for $90,000. B) debit to Cash for $90,000 and a credit to Paid-In Capital in Excess of Par--Common for $600,000. C) credit to Cash for $90,000 and a debit to Common Stock--No-Par Value for $90,000. D) credit to Cash for $90,000, a debit to Paid-In Capital in Excess of Par-Common for $5,000, and a debit to Common Stock--No-Par Value for $85,000. 21) Osbourne Company issued 50,000 shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of $1,000,000. The stock has par value of $0.01 per share. Which of the following is included in the journal entry to record this transaction? A) debit Cash $5,000 B) credit Gain on Sale of Common Stock $1,050,000 C) credit Paid-In Capital in Excess of Par- Common $999,500 D) credit Common Stock-$0.01 Par Value $1,000,000 22) Moretown Company had the following transactions in 2015, its first year of operations. - Issued 30,000 shares of common stock. Stock has par value of $1.00 per share and was issued at $18.00 per share. Earned net income of $70,000. Paid no dividends. At the end of 2015, what is the total amount of stockholders' equity? A) $30,000 B) $610,000 C) $540,000 D) $70,000