Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $20 par value, 13,300 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,400 shares of common stock for cash at $40 per share. b. Sold 2,700 shares of common stock for cash at $45 per share. c. At year-end, the accounts reflected income of $6,800. No dividends were declared.