**Required Information***[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, $11 par value, 11,900 shares authorized. During the year, the following selected transactions were completed:a. Sold 7,000 shares of common stock for cash at $22 per share.b. Sold 2,200 shares of common stock for cash at $27 per share.c. At year-end, the company reported net income of $6,100. No dividends were declared.**Required:**1. Prepare the journal entries required to record the sale of common stock in (a) and (b).*Note: If no entry is required for a transaction/event, select “No journal entry required” in the first account field.*---**Journal Entry Worksheet**1. Sold 7,000 shares of common stock for cash at $22 per share.*Note: Enter debits before credits.*| Transaction | General Journal | Debit | Credit ||-------------|-----------------------|-------|--------|| a. | | | |*Buttons:*- Record entry- Clear entry- View general journal---There is no graph or diagram to explain within this content. **Required Information***[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, $11 par value, 11,900 shares authorized. During the year, the following selected transactions were completed:a. Sold 7,000 shares of common stock for cash at $22 per share.b. Sold 2,200 shares of common stock for cash at $27 per share.c. At year-end, the company reported net income of $6,100. No dividends were declared.**Required:**1. Prepare the journal entries required to record the sale of common stock in (a) and (b). *Note: 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**Sheet 2:Transaction: Sold 2,200 shares of common stock for cash at $27 per share.*Note: Enter debits before credits.*| Transaction | General Journal | Debit | Credit ||-------------|-----------------|-------|--------|| b. | | | |Options:- Record entry- Clear entry- View general journal

Par value of the common stock is the face value which is stated in the authorized charter . When…

Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $11 par value, 11,900 shares authorized. During the year, the following selected transactions were completed: a. Sold 7,000 shares of common stock for cash at $22 per share. b. Sold 2,200 shares of common stock for cash at $27 per share. c. At year-end, the company reported net Income of $6,100. No dividends were declared. Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b).

Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $11 par value, 11,900 shares authorized. During the year, the following selected transactions were completed: a. Sold 7,000 shares of common stock for cash at $22 per share. b. Sold 2,200 shares of common stock for cash at $27 per share. c. At year-end, the company reported net Income of $6,100. No dividends were declared. Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b).

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

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Required information [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, $11 par value, 11,900 shares authorized. During the year, the following selected transactions were completed: a. Sold 7,000 shares of common stock for cash at $22 per share.. b. Sold 2,200 shares of common stock for cash at $27 per share. c. At year-end, the company reported net income of $6,100. No dividends were declared. 2. Prepare the stockholders' equity section of the balance sheet the end of the year. Note: Amounts to be deducted should be indicated by a minus sign. Stockholders' equity Contributed capital: TARRANT CORPORATION Balance Sheet (Partial) At December 31, This year Total contributed capital Total stockholders' equity
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