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, $19 par value, 11,500 shares authorized. During the year, the following selected transactions were completed: a. Sold 7,600 shares of common stock for cash at $38 per share. b. Sold 1,800 shares of common stock for cash at $43 per share. c. At year-end, the accounts reflected income of $6,800. 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: Common stock Additional paid-in capital 0 Total contributed capital Retained earnings Total stockholders' equity