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Business, 03.07.2020 21:01 Nathaliasmiles

Newly formed S&J Iron Corporation has 145,000 shares of $7 par common stock authorized. On March 1, Year 1, S&J Iron issued 9,500 shares of the stock for $11 per share. On May 2, the company issued an additional 23,500 shares for $19 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 paid-in capital in excess of par.
c. What is the total amount of capital contributed by the owners?

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Newly formed S&J Iron Corporation has 145,000 shares of $7 par common stock authorized. On March...
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