1. Tarrant Corporation was organized in 2014 to operate a financial consulting business. The charter authorized the following capital stock: common stock, par value $14 per share, 13,100 shares. During the first year, the following selected transactions were completed:

a. Sold and issued 6,000 shares of common stock for cash at $28 per share.

b. Sold and issued 2,100 shares of common stock for cash at $33 per share.

c. At year-end, the accounts reflected income of $6,600.

2. Prepare the stockholders' equity section as it should be reported on the year-end balance sheet. (Amounts to be deducted should be indicated by a minus sign.) TARRANT CORPORATION Balance Sheet (Partial) At December 31, 2014 Stockholders' equity Contributed capital: Total contributed capital Total stockholders' equity 0