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Business, 06.05.2020 03:03, mckadams02
Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $19 par value, 12,700 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,700 shares of common stock for cash at $38 per share. b. Sold 2,900 shares of common stock for cash at $43 per share. c. At year-end, the accounts reflected income of $6,000. No dividends were declared. Required:1. Prepare the journal entries required to record the sale of common stock in (a) and (b).2. Prepare the stockholders’ equity section as it should be reported on the year-end balance sheet.
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Business, 22.06.2019 10:00, Randomkid0973
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