You are the newest member of the staff of Brinks & Company, a medium-size investment management firm. You are supervised by Les Kramer, an employee of two years. Les has a reputation as being technically sound but has a noticeable gap in his accounting education. Knowing you are knowledgeable about accounting Issues, he requested you provide him with a synopsis of accounting for share issue costs. "I thought the cost of issuing securities is recorded separately and expensed over time," he stated in a handwritten memo. "But I don't see that for IBR's underwriting expenses. What gives?" He apparently was referring to a disclosure note on a page of a prospective investee's annual report, photocopied and attached to his memo. To raise funds for expansion, the company sold additional shares of its $0.10 par common stock. The following disclosure note appeared in the company's most recent annual report NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 10-Stock Transactions (in part) In February and March, the Company sold 2.395,000 shares of Common Stock at $22.25 per share in a public offering. Net proceeds to the Company were approximately $50.2 million after the underwriting discount and offering expenses. Required: 1. How did IBR account for the share Issue costs? 2. At what total amount did the shares sell to the public? 3. Propere the appropriate journal entry to record the sale of the shares. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 At what total amount did the shares sell to the public? Note: Enter your answer in miliona rounded to 3 decimal places (ie, 5,500,000 should be entered as 3.500). G's shares sold for a total of 3.088,750.000 million Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the appropriate journal entry to record the sale of the shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands rounded to 1 decimal place (ie., 5,500,000 should be entered as 5500.0). No 1 Transaction Cash Common stock General Journal Paid-in capital excess of par < Required 2 Required 3 > Debit 50.200.000.1 Credit 239,500.0 49.980.500.0