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QUESTION 17 ABC Corp. issues 2,000 shares of $8 par value common stock at $10 per share. When the transaction is recorded, credits are made to: Common Stock $16,000 and Paid-in Capital in Excess of Par Value $4,000 Common Stock $16,000 and Retained Earnings $4,000. Common Stock $16,000 and preferred stock $4,000 Common Stock $20,000 QUESTION 18 Treasury Stock is an) asset account contra account to assets. retained earnings account contra account to stockholders' equity QUESTION 19 Which of the following assets does not decline in service potential over its useful life? Furnishings Land Equipment Fixtures QUESTION 20 ABC Inc. recently purchased an equipment. The price negotiated with the seller was $20,000. Aqua also paid sales tax of $2,000 on the purchase, maintenance contracts of $2,200 to cover ordinary repairs for the first year of operation, and shipping and preparation costs of $500. At what amount should the equipment be recorded on the balance sheet prior to recording depreciation expense? 22,500 24,700 26,800 22,000