An inexperienced accountant for Olsen Corporation made the following entries July 1 Cash 240,000 Common Stock 240.000 (Issued 16,000 shares of no par common stock, stated value $30 per sharel Sept 1 Common Stock 30,000 Retained Earnings 6.000 Cash 36,000 (Purchased 2,000 shares issued on July 1 for the treasury at $18 per share) Dec. 1 Cash 20,000 Common Stock 15,000 Gain on Sale of Stock 5,000 (Sold 1,000 shares of the treasury stock at $20 per share On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Date July 1 v Account Titles and Explanat Cash Debit Credit Common Stock Paid-in Capital in Excess of Par-Common Stock Sept 1 V Treasury Stock Cash Dec. 1 v Common Stock Gain on Sale of Stock Treasury Stock Prepare the correcting entries that should be made to correct the accounts of Olsen Corporation (Do not reverse the original entry) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts)