Exercise 11-8A (Algo) Effect of issuing common stock on the balance sheet LO 11-4 Newly formed S&J Iron Corporation has 58,000 shares of $4 par common stock authorized. On March 1, Year 1, S&J Iron issued 11,500 shares of the stock for $11 per share. On May 2, the company issued an additional 24,500 shares for $20 per share. S&J Iron was not affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model. 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. Req A Req 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 acti financing activity (FA). Not all cells require input.) S&J IRON CORPORATION Horizontal Statements Model Balance Sheet Income Statement Assets = Liabilities + Stockholders' Equity Revenue - Expense = Net Income Statement of Cash Flows Event Cash = + Common Stock + PIC in Excess - II = March 1 + + = = May 2 + 11 + = Req A Req B to E 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? Show less b. Common stock c. Paid-in capital in excess of par d. Total paid-in capital e. Total assets