Newly formed S&J Iron Corporation has 139,000 shares of $5 par common stock authorized. On March 1, Year 1, S&J Iron issued 9,000 shares of the stock for $12 per share. On May 2, the company issued an additional 21,500 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. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element was not affected by the event

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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Newly formed S&J Iron Corporation has 139,000 shares of $5 par common stock authorized. On March 1, Year 1, S&J Iron issued 9.000 shares of the stock for $12 per share. On May 2, the company issued an additional 21,500 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. In the Cash Flow column, indicate whether the item is an operating activity (OA). Investing activity (IA), or financing activity (FA). Use NA to indicate that an element was not affected by the event Income Statement Assets Balance Sheet Liabilities + Stockholders' Equity Common PIC in Stock Excess Revenue - Expense - Net Income Cash Flow Event Cash - March 1 May 2 b. Determine the amount S&J Iron would recort for common stock on the December 31 Year 1. balance sheet. SVO & Exit Submit Check my work 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? b. c. d. Common stock Paid-in capital in excess of par Total paid in capital Total assets - f. 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 Check my work 4 t. 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.) 6.67 View transaction list Skipped Journal entry worksheet Bock References Record the issue of common stock Note: Enter debits before credits Date General Journal Debit Credit March 01 Record entry Clear entry View general Journal Saved Help Sav 4 Prepare journal entries to record the March 1 and May 2 transactions. (If no entry is required for a transaction/events journal entry required in the first account field.) View transaction list Journal entry worksheet Record the issue of additional common stock. Note: Enter debits before credits General Journal Debit Credit Date May 02 Record entry Clear entry View general journal