Exercise 11-8A (Algo) Effect of issuing common stock on the balance sheet LO 11-4 Newly formed \( \$ \& \)amp;.J Iron Corporation has 134,000 shares of $5 par common stock authorized. On March 1, Year 1, S\&J Iron issued 8,500 shares of the stock for $10 per share. On May 2, the company issued an additional 20,000 shares for $19 per share. 5&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? f. Prepare fournal entries to record the March 1 and May 2 transactions. 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? Journal entry worksheet Record the issuance of 8,500 shares of common stock for $10 per share. Note: Enter debits before credits. Journal entry worksheet Record the issuance of 20,000 shares of common stock for $19 per share. Note: Enter debits before credits