O'Malley, Inc. issued 100,000 shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of $1,120,000. The stock has a par value of $0.02 per share. The journal entry to record this transaction includes a O A. credit to Common Stock-$0.02 Par Value for $1,120,000 OB. credit to Paid - In Capital in Excess of Par-Common for $1,118,000 O C. debit to Cash for $11,180,000 OD. credit to Gain on Sale of Common Stock for $1,220,000