Exercise 11-8A (Algo) Effect of issuing common stock on the balance sheet LO 11-4 Newly formed SS.J Iron Corporation has 169,000 shares of $7 par common stock authorized. On March 1, Year 1, S\&J lron issued 8,000 shares of the stock for $13 per share. On May 2 , the company issued on additional 17,500 sheres for $18 per share. \$\&J Iron was not offected by other events during Year 1 Pequired a. Record the transactions in a horizontal statements model. b. Determine the amount S\&J iron would report for common stock on the Decenber 31, Year 1, balance sheet. c. Determine the amount S\&J Iron would report for paidin 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 lron report on the December 31, Year 1, balance sheet? 4. Prepare journal entries to record the March 1 and May 2 transactions. Complete this question by entering your answers in the tabs below. Record the transactions in a horizootal statements model, (In the Statement of Cash Flows column, indicate whether the item is an eperating activity financing activity (FA), Leave blank to indicate that an element was not affected by the event.) Exercise 11-8A (Algo) Effect of issuing common stock on the balance sheet LO 11-4 Nowly formed $8J Iron Corporation has 169,000 shares of $7 par common stock authorized. On March 1, Year 1, S\& J Iron issued 8,000 shares of the stock for $13 per share. On May 2, the company issued an additional 17,500 shares for $18 per share. 5&J I lron was not aftected 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 Ifon 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? t. Prepare journal entries to record the March 1 and May 2 transoctions. Complete this question by entering your answers in the tabs below. b. Determine the amount 58I Iron would report for common stock on the December 31 , Year 1 , balance sheet. c. Determine the amount SSU Iron would report for paild 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 $3 Iron report on the December 31, Year 1, balance sheet? Exercise 11-8A (Algo) Effect of issuing common stock on the balance sheet LO 11.4 Newiy formed \$8J Iron Corporation has 169,000 shares of $7 par common stock authorized. On March 1, Year 1, ss J Iron issued 8,000 shares of the stock for $13 per share. On May 2, the company issued an additional 17,500 shares for $18 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? f. Prepare journal entries to record the March 1 and May 2 transactions. Complete this question by entering your answers in the tabs below. Prepare journal entries to mecord the March 1 and May 2 transoctions. (tf no entry is required for a transactionvevent, select "No joumal entry required in the first account field.)