2. Compute the amount of LO3 Exercise 11-5 Stock Issuance E 11-1, 11-2 Horace Company had the following transactions during 2016, its first year of business. a. Issued 5,000 shares of $5 par common stock for cash at $15 per share. b. Issued 7,000 shares of common stock on May 1 to acquire a factory building from Barkky Company. Barkley had acquired the building in 2012 at a price of $150,000. Horace esti- mated that the building was worth $175,000 on May 1, 2016. c. Issued 2,000 shares of stock on June 1 to acquire a patent. The accountant has been unable to estimate the value of the patent but has determined that Horace's common stock was selling at $25 per share on June 1. Required 1. Record an entry for each transaction. 2. Determine the balance sheet amounts for common stock and additional paid-in capital