Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, par value $15 per share, 12,600 shares authorized. During the year, the following selected transactions were completed:

a.	Sold and issued 5,800 shares of common stock for cash at $30 per share.
b.	Sold and issued 2,800 shares of common stock for cash at $35 per share.
c.	At year-end, the accounts reflected income of $7,200. No dividends were declared.

1.

value: 4.00 points

Required information

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.)

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.)