Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, par value $11 per share, 12,600 shares authorized. During the year, the following selected transactions were completed a. Sold and issued 6,500 shares of common stock for cash at $22 per share. b. Sold and issued 1,600 shares of common stock for cash at $27 per share. c. At year-end, the accounts reflected income of $7100. 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 6,500 shares of common stock for cash at $22 per share. Note: Enter debits before credits. General Journal Debit 143,000 Credit a. Cash Common stock 71,500 71,500 Additional paid-in capital, common stock Record entry Clear ontry Viow goneral journal Journal entry worksheet Sold 1,600 shares of common stock for cash at $27 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Cash 43,200 Common stock 17,600 Additional paid-in capital, common stock Record entry Clear entry View general journal 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