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, $12 par value, 12,000 shares authorized. During the year, the following selected transactions were completed: a. Sold 5,700 shares of common stock for cash at $24 per 'share. Sold 1,200 shares of common stock for cash at $29 per b share. c.At year-end, the accounts reflected income of $6,800. No dividends were declared. 5 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