Check my work 10 Part 1 of 2 Required information E11-5 (Static) 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, $10 par value, 11,500 shares authorized. During the year, the following selected transactions were completed: 5.88 points eBook a. Sold 5,600 shares of common stock for cash at $20 per share. b. Sold 1,000 shares of common stock for cash at $25 per share. c. At year-end, the accounts reflected income of $12,000. No dividends were declared. Hint E11-5 Part 1 Print lo References Required 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.): View transaction list Journal entry worksheet Sold 5,600 shares of common stock for cash at $20 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Cash Common stock Record entry Clear entry View general Journal Check my work 11 Part 2 of 2 Required information E11-5 (Static) 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, $10 par value, 11,500 shares authorized. During the year, the following selected transactions were completed: 5.88 points eBook a. Sold 5,600 shares of common stock for cash at $20 per share. b. Sold 1,000 shares of common stock for cash at $25 per share. c. At year-end, the accounts reflected income of $12,000. No dividends were declared. OP Hint E11-5 Part 2 Print 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.) References TARRANT CORPORATION Balance Sheet (Partial) At December 31, This Year Stockholders' equity: Contributed capital: Paid-in capital, stock options Common stock 0 Total contributed capital Retained earnings Total stockholders' equity 0