Stock Issuance Horace Company had the following transactions during 2017, its first year of business. Required: 1. Identify and analyze the effect of each transaction. a. Issued 5,000 shares of $5 par common stock for cash at $15 per share. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Stockholders' Assets Liabilities + Equity b. Issued 7,000 shares of common stock on May 1 to acquire a factory building from Barkley Company. Barkley had acquired the building i of $150,000. Horace estimated that the building was worth $175,000 on May 1, 2017. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Stockholders' Assets Liabilities Equity 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 Horace's common stock was selling at $25 per share on June 1. Activity Accounts How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Stockholders' Assets Liabilities Equity 2. Determine the balance sheet amounts for common stock and additional paid-in capital. Common stock Additional paid-in capital $ Total contributed capital $