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, $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 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.) TARRANT CORPORATION Balance Sheet (Partial) At December 31, This year Stockholders' equity Contributed capital: Total contributed capital Total stockholders' equity