Newly formed S&J Iron Corporation has 97,000 shares of $3 par common stock authorized. On March 1, 2018, S&J Iron issued 10,500 shares of the stock for $11 per share. On May 2, the company issued an additional 24,000 shares for $19 per share. S&J Iron was not affected by other events during 2018.

Record the transactions in a horizontal statements model like the following one. 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.

S&J IRON CORPORATION

Horizontal Statements Model

Balance Sheet

Income Statement

Event

Assets

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Liabilities

+

Stockholders Equity

Revenue

Expense

=

Net Income

Cash Flow

Cash

=

+

Common Stock

+

PIC in Excess

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March 1

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+

+

=

May 2

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+

+

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