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Bonano Industries had the following transactions during 2016, its first year of business. Required: 1. Record an entry for each transaction. a. Issued 3,400 shares of $5 par common stock for cash at $15 per share. Indicate the effect on financial b. Issued 8,300 shares of common stock on May 1 to acquire a factory building from Barkley Company. Bat and "NE" for No Entry (or no effect) on the financial statement. c. Issued 2,400 shares of stock on June 1 to acquire a patent. The accountant has been unable to estimate (or no effect) on the financial statement. Feedback Check My Work 1c) Issuance of common stock in exchange for patent should be recorded in the appropriate contribu 2. Determine the balance sheet amounts for common stock and additional paid-in capital. Feedback V Check My Work 2) Set up T-accounts for Common Stock and Additional Paid-in Capital-Common. Total accounts. Bonano Industries had the following transactions during 2016, its first year of business. Required: 1. Record an entry for each transaction. a. Issued 3,400 shares of $5 par common stock for cash at $15 per share. Indicate the effect on financial b. Issued 8,300 shares of common stock on May 1 to acquire a factory building from Barkley Company. Bat and "NE" for No Entry (or no effect) on the financial statement. c. Issued 2,400 shares of stock on June 1 to acquire a patent. The accountant has been unable to estimate (or no effect) on the financial statement. Feedback Check My Work 1c) Issuance of common stock in exchange for patent should be recorded in the appropriate contribu 2. Determine the balance sheet amounts for common stock and additional paid-in capital. Feedback V Check My Work 2) Set up T-accounts for Common Stock and Additional Paid-in Capital-Common. Total accounts