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Tarrant Corporation was organized this year to operate a financial consulting business. The...

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Accounting

Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $20 par value, 12,900 shares authorized. During the year, the following selected transactions were completed:
Sold 6,500 shares of common stock for cash at $40 per share.
Sold 1,200 shares of common stock for cash at $45 per share.
At year-end, the company reported net income of $7,400. No dividends were declared.
2. Prepare the stockholders equity section of the balance sheet at the end of the year.

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