Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, par value $12 per share, 13,000 shares authorized. During the year, the following selected transactions were completed: a. Sold and issued 6,000 shares of common stock for cash at $24 per share. b. Sold and issued 2,700 shares of common stock for cash at $29 per share. c. At year-end, the accounts reflected income of $6,700. No dividends were declared. 5. 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.) Check my work 6. Required information 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.)