Required information\ \ E11-5 (Algo) Reporting Stockholders' Equity and Determining Dividend Policy LO11-1, 11-3, 11-4, 11-7\ \ Skip to question\ [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, $19 par value, 12,400 shares authorized. During the year, the following selected transactions were completed:\ Sold 5,900 shares of common stock for cash at $38 per share.\ Sold 1,000 shares of common stock for cash at $43 per share.\ At year-end, the company reported net income of $6,300. No dividends were declared.