Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $10 par value, 12,100 shares authorized. During the year, the following selected transactions were completed: Sold 6,400 shares of common stock for cash at $20 per share. Sold 1,700 shares of common stock for cash at $25 per share. At year-end, the company reported net income of $7,800. No dividends were declared