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, 12,000 shares authorized. During the year, the following selected transactions were completed: Sold 6,700 shares of common stock for cash at $32 per 'share. b. Sold 1,400 shares of common stock for cash at $37 per share. c. At year-end, the accounts reflected income of $7,100. 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 Sold 6,700 shares of common stock for cash at $32 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal