Newly formed S&J Iron Corporation has $50,000$ shares of $$10$ par common stock authorized. On March $1,$ Year $1,$ S&J Iron issued $6,000$ shares of the stock for $$16$ per share. On May $2,$ the company issued an additional $10,000$ shares for $$18$ 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.

ReqA

Req 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$),$ I financing activity $($FA$).$ Leave blank to indicate that an element was not affected by the event.$)$

$\backslash$table$[[$S&J IRON CORPORATION$],[$Horizontal Financial Statements Model$],[$Event$,$Balance Sheet,Income Statement,$\backslash$table$[[$Statement of Cash$],[$Flows$]]],[$Assets$,=,$Liabilities,$+,$Stockholders' Equity,Revenue,$-,$Expense,$=,$Net Income$],[$Cash$,=,,+,\backslash$table$[[$Common$],[$Stock$]],+,\backslash$table$[[$Paid$-$in$],[$Capital in$],[$Excess$]]],[$March $1,,=,,+,.,+,,,-,,=1,,]]$