Newly formed S&J Iron Corporation has $86,000$ shares of $$4$ par common stock authorized. On March $1,$ Year $1,$ S&J Iron issued $11,000$ shares of the stock for $$11$ per share. On May $2,$ the company issued an additional $19,500$ shares for $$19$ 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?

Complete this question by entering your answers in the tabs below.

i

Record the transactions in a horizontal statements model.

Note: In the Statement of Cash Flows column, indicate whether the item is an operating activity $($OA$),$ investing activity $($IA$),$ or financing activity $($FA$),$ Not all cells re

$\backslash$table$[[$S&J IRON CORPORATION$],[$Horizontal 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 $1,,=,,+,,+,,,-,,=,,2],[$May $2,,=,8,+,,+,5,,-,,=,,-7]]$