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Newly formed S&J Iron Corporation has 56,000 shares of $3 par common stock authorized. On...

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Accounting

Newly formed S&J Iron Corporation has 56,000 shares of $3 par common stock authorized. On March 1, Year 1, S&J Iron issued 10,500 shares of the stock for $10 per share. On May 2, the company issued an additional 17,500 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?
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