Newly formed S&J Iron Corporation has 151,000 shares of $7 par common stock authorized. On March 1, Year 1, S&J Iron issued 8,500 shares of the stock for $12 per share. On May 2, the company issued an additional 20,500 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. 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 A Req 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 a 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 Event Cash = + Common Stock Paid in Capital Revenue Expense Net Income Statement of Cash Flows in Excess March 1 May 2 102,000 = 59,500+ 42,500 102,000 FA 410,000 = + + 410,000 FA