Horace Company had the following transactions during 2016, its first year of b of business. a. Issued 4,000 shares of $5 par common stock for cash at $10 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 $87,500. Horace estimated that the building was worth $112,500 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 $20 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. 2 6 4 DATE GENERAL JOURNAL ACCOUNT TITLE IMPACT ON BALANCE SHEET POST REF DEBIT CREDIT ASSETS LIABILITIES EQUIT 2. Determine the balance sheet amounts for common stock and additional paid-in capital. Common stock Additional paid-in capital Total contributed capital 67 $