$20$ Homework $($i

Newly formed S&J Iron Corporation has $194,000$ shares of $$4$ par common stock authorized. On March $1,$ Year $1,$ S&J Iron issued $11,500$ shares of the stock for $$10$ per share. On May $2,$ the company issued an additional $23,500$ shares for $$20$ per share. S&J Iron was not affected by other events during Year $1.$

Required

a$.$ Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities $($OA$),$ investing activities $($IA$),$ or financing activities $($FA$).$

b$.$ Determine the amount S&J Iron would report for common stock on the December $31,$ Year $1,$ balance sheet.

c$.$ Determine the amount S&J Iron would report for paid$-$in capital in excess of par.

d$.$ What is the total amount of capital contributed by the owners?

e$.$ What amount of total assets would S&J Iron report on the December $31,$ Year $1,$ balance sheet?

Complete this question by entering your answers in the tabs below.

Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities $($OA$),$ investing activities $($IA$),$ or financing activities $($FA$).$

$\backslash$table$[[$S&J IRON CORPORATION$],[$Horizontal Statements Model$],[$Event$,$Balance Sheet,Income Statement,$\backslash$table$[[$Statement of Cash$],[$Flows$]]],[\backslash$table$[[$Assets$],[$Cash$]],\backslash$table$[[=$