Horace Company had the following transactions duning 2016, its first year of business a. Issued 4,000 shares of $5 par common stock for cash at $20 per share b Issued 7,500 shares of common stock on May 1 to acquire a factory building from Barkley Company. Barkley had acquired the building in 2012 at a price of $162,500 Horace estimated that the building was worth $187,500 on May 1,2016. C. Issued 2,500 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 $30 per share on June 1 Required: 1. Record an entry for each transaction. 2. Determine the balance sheet amounts for common stock and additional pand-in caputal GENERAL IOAPMA BNANCE SHEET HKCOME STMEMENT WWCT OA FINWICIN STNEMENTS ourE Accover time Part. Rif. DCII CREBAT 2. Determine the balance sheet amounts for common stock and additional paid-in capital Common stock Additional paid-in capital Total contributed capital Horace Company had the following transactions duning 2016, its first year of business a. Issued 4,000 shares of $5 par common stock for cash at $20 per share b Issued 7,500 shares of common stock on May 1 to acquire a factory building from Barkley Company. Barkley had acquired the building in 2012 at a price of $162,500 Horace estimated that the building was worth $187,500 on May 1,2016. C. Issued 2,500 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 $30 per share on June 1 Required: 1. Record an entry for each transaction. 2. Determine the balance sheet amounts for common stock and additional pand-in caputal GENERAL IOAPMA BNANCE SHEET HKCOME STMEMENT WWCT OA FINWICIN STNEMENTS ourE Accover time Part. Rif. DCII CREBAT 2. Determine the balance sheet amounts for common stock and additional paid-in capital Common stock Additional paid-in capital Total contributed capital