Problem: Module 3 Textbook Problem 12 Learning Objectives: 3-10 Identify the characteristics of capital stock 3-12 Show how issuing different classes of stock affects financial statements Newly formed S&J Iron Corporation has 174,000 shares of $5 par common stock authorized on March 1 Year 1, S&J Iron issued 8,500 shares of the stock for $11 per share. On May 2, the company issued an additional 23,500 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. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank 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. Req A Req B to E Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity activity (FA). If an element was not affected by the event, leave the cell blank. S&J IRON CORPORATION Horizontal Statements Model Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Revenue Exponse Net Income Cash Flow Event Common Cash PIC in Stock Excess March 1 0 = 0 0 0 OFA May 2 0 01 - 0 0 - o = OFA 0 0. ol - Req B to E> Complete this question by entering your answers in the tabs below. Req Reg B to E b. Determine the amount sa tron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Tron 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? Show less b. Common stock c Paid.in capital in excess of par d. Total paid in capita Total assets