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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, $17 par value, 13,200 shares authorized. During the year, the following selected transactions were completed: a. Sold 7,200 shares of common stock for cash at $34 per share. b. Sold 2.800 shares of common stock for cash at $39 per share. c. At year-end, the company reported net income of $6,800. No dividends were declared. Answer is not complete. TARRANT CORPORATION Balance Sheet (Partial) At December 31, This year

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