Summer 2018 Practice 17. Payton Manning Company issued 10,000 shares of its $5 par value common stock having a fair value of $25 per share and 15,000 shares of its $15 par value preferred stock having a fair value of $20 per share for a lump sum of $530,000. How much of the proceeds would be allocated to the common stock? 18. Mune Company recorded journal entries for the $110,000 increase in accounts receivable for services rendered, $60,000 reduction in accounts payable, $30,000 increase in accrued salaries payable, $9,000 decrease in taxes payable due to a cash payment and the issuance of a $175,000 note for the purchase of equipment. What net effect do these entries have on owners' equity