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(The following information applies to the questions displayed below.) Tarrant Corporation was organized this year...

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(The following information applies to the questions displayed below.) Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $20 par value, 13,200 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,400 shares of common stock for cash at $40 per share. b. Sold 1,300 shares of common stock for cash at $45 per share. c. At year-end, the accounts reflected income of $6,800. No dividends were declared. 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: Total contributed capital Total stockholders' equity

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