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, $19 par value, 13,500 shares authorized. During the year, the following selected transactions were completed: a. Sold 5,800 shares of common stock for cash at $38 per share. b. Sold 2,400 shares of corsmon stock for cash at $43 per share. c. At year-end, the company reported net income of $6,200. No dividends were declared. =115 Part 1 Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. ournal entry worksheet Sold 2,400 shares of common stock for cash at $43 per share. Wote: Enter debits before credits