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Newly formed S&J Iron Corporation has 50,000 shares of $10 par common stock authorized.
On March 1, Year 1, S&J lron Issued 6,000 shares of the stock for $16 per share. On May 2 . the
company issued an additional 10,000 shares for $18 per share. S&J lron 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 stieet. c. Determine the amount S&J Iron would repont 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.
Record the transactions in a horizontal statements model (In the stotement of Casli flows
column, indicate whether the item is an operating octivity (OA), iitwsting aitinif (th), of
fisancing activite (FA) Leave thank to indicate that an element was not alfected by the event.)
Complete this question by entering your answers in the tabs below. 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&U 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 $3
Iron report on the December 31 , Year 1 , balance sheet?
Journal entry worksheet Record the issuance of 6,000 shares of common stock for $16 per share.
Note: Enter debits before credits.
Journal entry worksheet Record the issuance of 10,000 shares of common stock for $18 per
share. Note: Enter debits before credits.

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Newly formed S&J Iron Corporation has 50,000 shares of $10 par c.pdf

  • 1. Newly formed S&J Iron Corporation has 50,000 shares of $10 par common stock authorized. On March 1, Year 1, S&J lron Issued 6,000 shares of the stock for $16 per share. On May 2 . the company issued an additional 10,000 shares for $18 per share. S&J lron 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 stieet. c. Determine the amount S&J Iron would repont 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. Record the transactions in a horizontal statements model (In the stotement of Casli flows column, indicate whether the item is an operating octivity (OA), iitwsting aitinif (th), of fisancing activite (FA) Leave thank to indicate that an element was not alfected by the event.) Complete this question by entering your answers in the tabs below. 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&U 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 $3 Iron report on the December 31 , Year 1 , balance sheet? Journal entry worksheet Record the issuance of 6,000 shares of common stock for $16 per share. Note: Enter debits before credits. Journal entry worksheet Record the issuance of 10,000 shares of common stock for $18 per share. Note: Enter debits before credits.