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 accounts reflected income of $12,000. 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.) b. Sold 1,000 shares of common stock for cash at $25 per share. C. At year-end, the accounts reflected income of $12,000. No dividends were declared. 2. Prepare the stockholders' equity section as it should be reported on the year-end balance sheet. (Amounts to be should be indicated by a minus sign.) TARRANT CORPORATION Balance Sheet (Partial) At December 31, This Year Stockholders' equity: Contributed capital: Accounts payable Total contributed capital Total stockholders' equity