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, $17 par value, 13,500 shares authorized. During the year, the following selected transactions were completed: 3. Sold 7,300 shares of common stock for cash at $34 per share Sold 1.800 shares of common stock for cash at $39 per share At year-end, the accounts reflected income of $7700. No dividends were declared. E11-5 Part 2 2. Prepithe stockholders' equity section as it should be reported on the year-end balance sheet (Amounts to be deducted should berlated by a minus sign.) 2. Prepare the stockholders' equity section as it should be reported on the be indicated by a minus sign.) TARRANT CORPORATION Balance Sheet (Partial) At December 31, This year Stockholders equity Contributed pital: Paid-in capital, stock options Common stock Total contributed capital Retained earnings Total stockholders' equity $ $ 7,700 7,700