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Exercise 11-8A Effect of issuing common stock on the balance sheet LO 11-4 Newly formed S&J Iron Corporation has 67,000 shares of $4 par common stock authorized. On March 1 Year 1, S&J Iron issued 8.000 shares of the stock for $12 per share. On May 2, the company issued an additional 17,500 shares for $21 per share. S&J Iron was not affected by other events during Year 1 Required a. Record the transactions in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (1A), or financing activity (FA). Not all cells in the Statement of Cash Flows" column may require an input leave cells blank if there is no corresponding input needed.) 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. Reg A Reg B to E Record the transactions in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Not all cells in the "Statement of Cash Flows" column may require an input - leave cells blank if there is no corresponding input needed.) S&J IRON CORPORATION Horizontal Statements Model Balance Sheet Income Statement Assets - Libilities Net . - Revenue Expense Statement of Cash Flows Income Event PIC in Cash Stockholders' Equity Common Stock 64,000 297,500 March 95,000 367.500 - = 32.000 70.000 96,000 17.500 FA FA May2 Req B to E > JAE Corp.completed the following transactions during Year 1 1. Issued 900 shares of $10 par common stock for $27 per share. 2. Repurchased 170 shares of its own common stock for $24 per share. 3. Resold 50 shares of treasury stock for $25 per share. Required a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Complete this question by entering your answers in the tabs below. Req A and B ReqC Reg D Prepare the stockholders' equity section of the balance sheet reflecting these transactions. JAE CORPORATION Balance Sheets (Partial) As of December 31 Stockholders' Equity Paid-in capital in Ross of par, common stock 37.000 3 28,500 50 $ 65,550 Paid-in capital in excess of cost treasury stock Paid-in capital in excess of par, common stock Total paid in capital Retained earnings Less Treasury stock Total holders equity 50.600 113.270 ( Reqc RegD Red text indicates wested in canlabas c e rt;m points de