Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $17 par value, 11,500 shares authorized. During the year, the following selected transactions were completed: a. Sold 5,800 shares of common stock for cash at $34 per share. b. Sold 2,200 shares of common stock for cash at $39 per share. c. At year-end, the accounts reflected income of $7,300. No dividends were declared.
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