The owner invested $78,000 cash in the company in exchange for common stock. In the journal entry, the company will: The owner invested $90,000 cash in the company in exchange for common stock. In the journal entry, the company will: Assume the following balances at the end of the accounting period: Sales $120,000; Sales Discounts $8,000; Sales Returns and Allowances $2,000; Cost of Goods Sold $40,000. What is gross profit