Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, par value $17 per share, 13,400 shares authorized. During the year, the following selected transactions were completed: a. Sold and issued 6,100 shares of common stock for cash at $34 per share.
b. Sold and issued 1,200 shares of common stock for cash at $39 per share.
c. At year-end, the accounts reflected income of $6,100. No dividends were declared.