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, $16 par value, 11,600 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,400 shares of common stock for cash at $32 per share. b. Sold 2,300 shares of common stock for cash at $37 per share. c. At year-end, the accounts reflected Income of $6,200. No dividends were declared. E11-5 Part 1 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