Exercise 11-8A (Algo) Effect of issuing common stock on the balance sheet LO 11-4 Newly formed S&J Iron Corporation has 178,000 shares of $5 par common stock authorized. On March 1, Year 1, S&J Iron issued 9,000 shares of the stock for $10 per share. On May 2, the company issued an additional 17,000 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?

Exercise 11-8A (Algo) Effect of issuing common stock on the balence sheet LO 11-4 Newly formed S\& J Iron Corporation has 178,000 shares of $5 par common stock authorized. On March 1, Year-1, S\&J fron issued 9,000 shares of the stock for $10 per share. On May 2, the company issued an additional 17,000 ahares for $20 per share. S\&J lron 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, bolance sheet. c. Determine the amount S\& Itron would report for pald in copital in excess of pac 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 ty entering vour answers in the tabs below. Record the transactions in a horizontal statements mode. Noter in the Statement of Cash Flows cohum, indicate whether the item is an operating activity (OA), investing activity (CA), or finanging active Complete this question by entering your answers in the tabs below. b. Determine the amount 58J 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 oumers? e. What amount of total assets would S8J Iron report on the December 31, Year 1, balance sheet