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, $15 par value, 11,900 shares authorized. During the year, the following selected transactions were completed: a. Sold 7,500 shares of common stock for cash at $30 per share. b. Sold 2,900 shares of common stock for cash at $35 per share. c. At year-end, the accounts reflected income of $6,800. 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: Additional paid-in capital Common stock Total contributed capital 0 Total stockholders' equity $