Newly formed S&J Iron Corporation has 71,000 shares of $3 par common stock authorized. On March 1, Year 1, S&J Iron issued 10,000 shares of the stock for $10 per share. On May 2, the company issued an additional 16,500 shares for $21 per share. S&J Iron was not affected by other events during Year 1.

Required

1. Record the transactions in a horizontal statements model.
2. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet.
3. Determine the amount S&J Iron would report for paid-in capital in excess of par.
4. What is the total amount of capital contributed by the owners?
5. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet?
6. Prepare journal entries to record the March 1 and May 2 transactions.