Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $18 par value, 12,000 shares authorized. During the year, the following selected transactions were completed: a. Sold 5,800 shares of common stock for cash at $36 per share. b. Sold 1,000 shares of common stock for cash at $41 per share. c. At year-end, the accounts reflected income of $7,100. No dividends were declared.