Newly formed S&J Iron Corporation has 136,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron issued 9,000 shares of the stock for $11 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? Prepare journal entries to record the March 1 and May 2 transactions.

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?

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b.	Common stock	$99,000
c.	Paid-in capital in excess of par
d.	Total paid-in capital
e.	Total assets