Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, par value $10 per share, 13,100 shares authorized. During the year, the following selected transactions were completed: a. Sold and issued 7,400 shares of common stock for cash at $20 per share. b. Sold and issued 1,600 shares of common stock for cash at $25 per share. c. At year-end, the accounts reflected income of $7,000. No dividends were declared.

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.)