Required information E11-5 (Static) 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, $10 par value, 11,500 shares authorized. During the year, the following selected transactions were completed: a. Sold 5,600 shares of common stock for cash at $20 per share. b. Sold 1,000 shares of common stock for cash at $25 per share. c. At year-end, the accounts reflected income of $12,000. 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.): Required information Journal entry worksheet Sold 5,600 shares of common stock for cash at $20 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required information Journal entry worksheet Sold 1,000 shares of common stock for cash at $25 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal