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. 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. es Balance Sheet Income Statement AssetsLiabilities Stockholders' Equity RevenueExpense Net Income Cash Flow PIC in Excess Common Event March 1 May 2 Cash Stock + 60,000 100,000 96,000 FA 180,000 FA 96,000 180,000 36,000 80,000 0 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? es $ 160,000 b. Common stock c. Paid-in capital in excess of par d. Total paid-in capital e. Total assets $ 80,000 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 ces 2 Record the issue of common stock. Note: Enter debits before credits Debit Date General Journal Credit March 01