Exercise 11-8A (Algo) Effect of issuing common stock on the balance sheet LO 11-4 Newly formed S\&J ken Corporation has 50,000 shares of $6 par common stock authorized, On March 1, Year 1, S\&J lion issued 8,000 shares of the stock for $10 per share. On May 2, the company issued an additional 22,000 shares for $21 per share. S\&, lron was not affected by other events during Year 1. Required a. Pecord the trensactions in a hovizontal 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 ambunt 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? Record the transactions in a horizontal statements model, b. Determine the amount S8U Iron would report for commen stock on the December 31 , Year 1 , balance sheet. c. Determine the amount S8] Iron would report for paid-in capital in excess of por. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would 58s Iron report on the December 31 , Year 1 , balance sheet