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*Prepare the journal entries required to record the sale of common stock in (a) and...

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Accounting

*Prepare the journal entries required to record the sale of common stock in (a) and (b).
Required information
Reporting Stockholders' Equity and Determining Dividend Policy
Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the
following stock: common stock, $14 par value, 12,500 shares authorized. During the year, the following selected
transactions were completed:
a. Sold 6,400 shares of common stock for cash at $28 per share.
b. Sold 1,200 shares of common stock for cash at $33 per share.
c. At year-end, the company reported net income of $6,900. No dividends were declared.

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