Newly formed S&J Iron Corporation has $159,000$ 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 $23,000$ shares for $$20$ per share. S&J 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 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?

f$.$ Prepare journal entries to record the March $1$ and May $2$ transactions.

Complete this question by entering your answers in the tabs below.

Req $F$

Record the transactions in a horizontal statements model. $($In the Statement of Cash Flows column, indicate whether the item is an operating act financing activity $($FA$).$ Leave blank to indicate that an element was not affected by the event.$)$

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