Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $20 par value, 11,600 shares authorized. During the year, the following selected transactions were completed: a. Sold 7,000 shares of common stock for cash at $40 per share. b. Sold 3,000 shares of common stock for cash at $45 per share. C. At year-end, the accounts reflected income of $7,300. No dividends were declared. Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Sold 7,000 shares of common stock for cash at $40 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit 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 View transaction list Journal entry worksheet