Newly formed S&J Iron Corporation has 65,000 shares of $6 par common stock authorized. On March...

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Newly formed S&J Iron Corporation has 65,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron issued 11,000 shares of the stock for $12 per share. On May 2, the company issued an additional 20,500 shares for $21 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. Newly formed S&J Iron Corporation has 65,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron issued 11,000 shares of the stock for $12 per share. On May 2, the company issued an additional 20,500 shares for $21 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.