Exercise 11.8A (Algo) Effect of issuing common stock on the balance sheet LO 11-4 Newly formed S\&J Iron Corporation has 158,000 shares of $5 par common stock authorized. On March 1, Year 1, S\&J lron issued 10,000 shares of the stock for $12 per share. On May 2 , the company issued an additional 15,500 shares for $20 per share. S\&J Jron 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 lron would report for common stock on the December 31 , Year 1 , balance sheet. c. Determine the amount \( \$ \& J \)amp;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: 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), Leave blank to indicate that an element was not affected by the event.) Complete this question by entering your answers in the tabs below. b. Determine the amount S\&U 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\& Iron report on the December 31 , Year 1 , balance sheet? Journal entry worksheet Record the issuance of 10,000 shates of common stock for $12 per share. Note: Enter debits before credits. Journal entry worksheet Record the issuance of 15,500 shares of common stock for $20 per share. Note: Enter debits before credits