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Required information Skip to question [The following information applies to the questions displayed below.] Tarrant Corporation was organized this year to operate a financial consulting
Required information
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[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, par value $11 per share, 12,600 shares authorized. During the year, the following selected transactions were completed:
a. | Sold and issued 6,300 shares of common stock for cash at $22 per share. |
b. | Sold and issued 2,300 shares of common stock for cash at $27 per share. |
c. | At year-end, the accounts reflected income of $6,300. No dividends were declared. |
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