Newly formed 58 Iron Corporation has 140,000 shares of $7 par common stock authorized on March 1 Year 1,561 von Issued 9,500 shares of the stock for $12 per share on May 2, the company issued an additional 18,500 shares for 521 per share 58. 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 Hon would report for common stock on the December 31, vear tatarice sheet c. Determine the amount S&J tron would report for paid in capital in excess of par d. What is the total amount of capital contributed by the owners o. What amount of total assets would stron report on the December 31, Yeart, balance sheet . Prepare journal entries to record the March 1 and May 2 transactions Complete this question by entering your answers in the tabs below. RA Reg to REF Record the transactions in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), Investing activity CIA), financing activity (FA). Leave blank to indicate that an clement was not affected by the event.) SKJRON CORPORATION Hanzontal Financial Statements Model Balance Sheet Income Statement Assets Ilabarties Stockholders Equity Sent of Cash Event Revenue Paid in Capital Flows Net Income Lapeere Common Cash Stock in Excess March 1 May 2 Rey B to E) e. What amount of tota ts would S&J Iron report on the December 31, Year 1, balance sheet? 1. Prepare joumal entre record the March 1 and May 2 transactions Complete this question by entering your answers in the tabs below. Req A Red B to E ReqF b. Determine the amount sa Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount 583 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? Show less b C Common stock Paid in capital in excess of par Total paid-in capital Total assets d e Reg A Req B to E ReqF Prepare journal entries to record the March 1 and May 2 transactions. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the issuance of 9,500 shares of common stock for $12 per share. Noter Enter debits before credits Date General Journal Debit Credit March 01 Record entry Clear entry View general journal REGA Reg tot Reg Prepare Journal entries to record the March 1 and May 2 transactions. (if ne entry is required for a transaction/event, lect"No journal entry required in the first account field) View transaction et Journal entry worksheet ences Record the issuance of 10,500 shares of common stock for $21 per share el treba General Journal Debit Credit Dan May 02 Record by Clear entry View general