Reference no: EM133039187
Problem 1 - Newly formed S&J Iron Corporation has 59,000 shares of $4 par common stock authorized. On March 1, 2018, S&J Iron issued 11,000 shares of the stock for $12 per share. On May 2, the company issued an additional 21,500 shares for $20 per share. S&J Iron was not affected by other events during 2018.
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, 2018, 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, 2018, balance sheet?
Problem 2 - On May 1, 2018, Love Corporation declared a $89,300 cash dividend to be paid on May 31 to shareholders of record on May 15.
Required - Record the events occurring on May 1 and May 31 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.
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