Newly formed S&J Iron Corporation has 104,000 shares of $5 par common stock authorized. On March 1, Year 1, S&J Iron issued 8,500 shares of the stock for $9 per share. On May 2, the company issued an additional 20,500 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. 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. Reg A Reg B to E Reg F Record the transactions in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA) financing activity (FA). Leave blank to indicate that an element was not affected by the event.) S&J IRON CORPORATION Horizontal Financial Statements Model Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Statement of Cash Event Common Pald in Capital Revenue Expense Flows Net Income Cash Stock In Excess March 1 May 2 Newly formed S&J Iron Corporation has 104,000 shares of $5 par common stock authorized. On March 1, Year 1, S&J Iron issued 8,500 shares of the stock for $9 per share. On May 2, the company issued an additional 20,500 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. 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. RAGA Reg to Reg! b. Determine the amount S) Iron would report for common stock on the December 31. Year 1, balance sheet. c. Determine the amount sa Iron would report for pald-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 say tron report on the December 31, Year 1, balance sheet? Show less b Common stock c. Pald.in capital in excess of par d. Total paid in capital e. Total assets Journal entry worksheet N Record the issuance of 8,500 shares of common stock for $9 per share. Note: Enter debits before credits. General Journal Debit Credit Date March 01 Record entry Clear entry View general journal Journal entry worksheet 1 Record the issuance of 20,500 shares of common stock for $21 per share. Note: Enter debits before credits. Date May 02 General Journal Debit Credit Record entry Clear entry View general journal
