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Newly formed S&J Iron Corporation has 134,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron issued 11,500 shares of the stock for $10 per share. On May 2, the company issued an
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Newly formed S&J Iron Corporation has 134,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron issued 11,500 shares of the stock for $10 per share. On May 2, the company issued an additional 24,500 shares for $21 per share. S&J Iron was not affected by other events during Year 1. Required Record the transactions in a horizontal statements model. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. Determine the amount S&J Iron would report for paid-in capital in excess of par. What is the total amount of capital contributed by the owners

User Debdeep
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16 votes

Answer: debit cash 96,000, credit common stock 60,000, credit PIC in excess 36,000 FA

Step-by-step explanation:

User Jinish
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