Newly formed S&J Iron Corporation has 78,000 shares of $7 par common stock authorized. On March 1, Year 1, S&J Iron issued 10,000 shares of the stock for $12 per share. On May 2, the company issued an additional 23,000 shares for $20 per share. S&J Iron was not affected by other events during Year 1.

Required

1. 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). If an element was not affected by the event, leave the cell blank.
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?

Newly formed S\&J Iron Corporation has 78,000 shares of $7 pa shares of the stock for $12 per share. On May 2, the company is affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model. In th activity (OA), investing activity (IA), or financing activity (FA). If a b. Determine the amount S\&J Iron would report for common stoc c. Determine the amount S\&J iron would report for paid-in capita d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S\&I lion report on the Dece Complete this question by entering your answers in the tabs b. Determine the amount SBJ Iron would report for common stock on c. Determine the amount SEJ Iron would report for paid-in capital in d. What is the total amount of capital contributed by the owners? e. What amount of total assets would 55s iron report on the Decembe Complete this question by entering your answers in the tabs below. Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating act activity (FA). If an element was not affected by the event, leave the cell blank. activity (OA), investing activity (A), or financing act b. Determine the amount S&J iron would report for c c. Determine the amount S&J Iron would report for p d. What is the total amount of capital contributed by th e. What amount of total assets would S\&J Iron report Complete this question by entering your answers Record the transactions in a horizontal statements model. activity (FA). If an element was not affected by the event, 9 your answers in the tabs below. al statements model. In the Cash Flow column, in affected by the event, leave the cell blank. indicate whether the item is an operating activity