4 Required information E11-5 (Algo) Reporting Stockholders' Equity and Determining Dividend Policy LO11-1, 11-3, 11-4, 11-7 The following information applies to the questions displayed below) Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock common stock $11 par value, 12,800 shares authorized. During the year, the following selected transactions were completed: a. Sold 7.500 shares of common stock for cash at $22 per share: b. Sold 2,300 shares of common stock for cash at $27 per share. c. At year end, the accounts reflected income of $7,600. No dividends were declared, E11-5 Part 2 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.)