Required information 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, $18 par value, 12,700 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,500 shares of common stock for cash at $36 per share. b. Sold 2,800 shares of common stock for cash at $41 per share. c. At year-end, the accounts reflected income of $7,400. No dividends were declared. 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