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! Required information E11-5(Algo) Reporting Stockholders' Equity and Determining Dividend Policy LO11-1,11-3,11-4,11-7 ...

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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, $10 par value, 13,400 shares authorized. During the year, the following selected
transactions were completed:
a. Sold 7,200 shares of common stock for cash at $20 per share.
b. Sold 2,900 shares of common stock for cash at $25 per share.
c. At year-end, the company reported net income of $7,800. No dividends were declared.
E11-5 Part 2
Prepare the stockholders' equity section of the balance sheet at the end of the year.
Note: Amounts to be deducted should be indicated by a minus sign.
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