Prepare journal entries to record the March 1 and May 2 transactions. (If no entry is required for a tr entry required" in the first account field.) Journal entry worksheet Record the issuance of 20,500 shares of common stock for $20 per share. Note: Enter debits before credits. Prepare journal entries to record the March 1 and May 2 transactions. (If no entry is required for a trans entry required" in the first account field.) Journal entry worksheet Record the issuance of 9,000 shares of common stock for $10 per share. Note: Enter debits before credits. 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? Record the transactions in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an operating financing activity (FA). Leave blank to indicate that an element was not affected by the event.) Exercise 11-8A (Algo) Effect of issuing common stock on the balance sheet LO 11-4 Newly formed S\&J Iron Corporation has 73,000 shares of \$4 par common stock authorized. On March 1, Year 1, S\&J Iron issued 9,000 shares of the stock for $10 per share. On May 2, the company issued an additional 20,500 shares for $20 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? f. Prepare journal entries to record the March 1 and May 2 transactions