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, $10 par value, 11,500 shares authorized. During the year, the following selected transactions were completed: a. Sold 5,600 shares of common stock for cash at $20 per share. b. Sold 1,000 shares of common stock for cash at $25 per share. c. At year-end, the company reported net income of $12,000. No dividends were declared. equired: Prepare the journal entries required to record the sale of common stock in (a) and (b). lote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Sold 5,600 shares of common stock for cash at $20 per share. Note: Enter debits before credits