Required information E11-5 (Algo) Reporting Stockholders' Equity and Determining Dividend Policy L011-1, 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. $11 par value, 12,800 shares authorized. During the year, the following selected transactions were completed: a. Sold 7,500 shares of common stock for cash at $22 per share. b. Sold 2,300 shares of common stock for cash at $27 per share. c. At year-end, the accounts reflected income of $7,600. No dividends were declared. E11-5 Part 1 Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b), (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)