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Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, par value $19 per share,
Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, par value $19 per share, 12,000 shares authorized. During the year, the following selected transactions were completed:
a. | Sold and issued 5,700 shares of common stock for cash at $38 per share. |
b. | Sold and issued 2,600 shares of common stock for cash at $43 per share. |
c. | At year-end, the accounts reflected income of $7,500. No dividends were declared. |
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.)
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