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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 $16 per share, 12,700 shares authorized. During the year, the following selected transactions were completed a. Sold and issued 7,200 shares of common stock for cash at $32 per share. b. Sold and issued 1,600 shares of common stock for cash at $37 per share c. At year-end, the accounts reflected income of $6,800. No dividends were declared