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, 13,400 shares authorized. During the year, the following selected transactions were completed:

a.Sold and issued 6,100 shares of common stock for cash at $30 per share.b.Sold and issued 1,800 shares of common stock for cash at $35 per share.c.At year-end, the accounts reflected income of $7,700. No dividends were declared.

5.

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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.)

6.

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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.)