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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 $20 per share, 12,600 shares authorized. During the year, the following selected transactions were completed:

a.	Sold and issued 6,200 shares of common stock for cash at $40 per share.
b.	Sold and issued 2,900 shares of common stock for cash at $45 per share.
c.	At year-end, the accounts reflected income of $7,800. 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.) View transaction list View journal entry worksheet No Transaction General Journal Cash Common stock Additional paid-in capital, common stock a. b. Cash Common stock Additional paid-in capital, common stock 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.) TARRANT CORPORATION Balance Sheet (Partial) At December 31, this year Stockholders' equity Contributed capital: Additional paic-n capital