aved Help Required information E11-5 (Algo) Reporting Stockholders' Equity and Determining Dividend Policy LO11-1, 11-3, 11-4, 11-7 [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, $14 par value, 12,500 shares authorized. During the year, the following selected transactions were completed: a. Sold 7,600 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 accounts reflected income of $7,200. No dividends were declared. E11-5 Part 2 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: Common stock Additional paid-in capital Total contributed capital Retained earnings 0 Total stockholders' equity $ 0