Exercise 8-6A (Algo) Effect of issuing common stock on the balance sheet LO 8-2, 8-4 Newly formed S&J Iron Corporation has 87,000 shares of $4 par common stock authorized. On March 1, Year 1, S&J Iron issued 10,500 shares of the stock for $12 per share, On May 2, the company issued an additional 18,500 shares for $21 per share. S&J Iron was not affected by other events during Year 1 Required a. Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. 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? Complete this question by entering your answers in the tabs below. Req A Req B to E Complete this question by entering your answers in the tabs below. Req A Req B to E Suomit Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity activity (FA). If an element was not affected by the event, leave the cell blank. S&J IRON CORPORATION Horizontal Statements Model Balance Sheet Assets = Liabilities + Common Event Cash Stock Stockholders' Equity PIC in Excess Revenue Income Statement Expense Net Income Cash Flow March 1 May 2 = + RegA Req B to E> Complete this question by entering your answers in the tabs below. Req A Req B to E 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? b. Common stock c. Paid-in capital in excess of par d. Total paid-in capital e. Total assets < Req A Req B to E> Show less A