Newly formed S&J Iron Corporation has 87,000 shares of $5 par common stock authorized. On March 1, Year 1, S&J Iron issued 9,000 shares of the stock for $11 per share. On May 2, the company issued an additional 17,000 shares for $22 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. Balance Sheet Income Statement Assets Liabilities + Revenue Expense Net Income Cash Flow Stockholders' Equity Common PIC in + Stock Excess Event Cash + = - - March 1 + + = May 2 + 11 + 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? b. Common stock C. Paid-in capital in excess of par Total paid-in capital d. e. Total assets 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 Record the issue of common stock. Note: Enter debits before credits. Date General Journal Debit Credit March 01 Record the issue of additional common stock. lote: Enter debits before credits. Date General Journal Debit Credit May 02 Newly formed S&J Iron Corporation has 87,000 shares of $5 par common stock authorized. On March 1, Year 1, S&J Iron issued 9,000 shares of the stock for $11 per share. On May 2, the company issued an additional 17,000 shares for $22 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. Balance Sheet Income Statement Assets Liabilities + Revenue Expense Net Income Cash Flow Stockholders' Equity Common PIC in + Stock Excess Event Cash + = - - March 1 + + = May 2 + 11 + 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? b. Common stock C. Paid-in capital in excess of par Total paid-in capital d. e. Total assets 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 Record the issue of common stock. Note: Enter debits before credits. Date General Journal Debit Credit March 01 Record the issue of additional common stock. lote: Enter debits before credits. Date General Journal Debit Credit May 02
