Newly formed S&J Iron Corporation has $118,000$ shares of $$5$ par common stock authorized. On March $1,$ Year $1,$ S&J Iron issued $9,500$ shares of the stock for $$10$ per share. On May $2,$ the company issued an additional $24,500$ shares for $$20$ per share. S&J Iron was not affected by other events during Year $1.$

Required

Record the transactions in a horizontal statements model.

Determine the amount S&J Iron would report for common stock on the December $31,$ Year $1,$ balance sheet.

Determine the amount S&J Iron would report for paid$-$in capital in excess of par.

What is the total amount of capital contributed by the owners?

What amount of total assets would S&J Iron report on the December $31,$ Year $1,$ balance sheet?