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, $19 par value, 13,000 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,100 shares of common stock for cash at $38 per share. b. Sold 2,700 shares of common stock for cash at $43 per share. c. At year-end, the accounts reflected income of $7,300. 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 (5). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Sold 6,100 shares of common stock for cash at $38 per share. Next >