Required information E11-5 (Algo) Reporting Stockholders' Equity and Determining Dividend Policy L011-1, 11-3, 114, 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. 11700 shares authorized. During the year, the following selected transactions were completed: 8. Sold 5,800 shares of common stock for cash at $20 per share b. Sold 2,800 shares of common stock for cash at $25 per share c At year-end, the accounts reflected income of $6,800. No dividends were declared E11-5 Part 1 Required: 1. Prepare the journal entries required to record the sale of common stock in and of no entry is required for a transaction/event, sblect "No journal entry required in the first account field.) View transaction is Tournal entry worksheet Required information Journal entry worksheet