Bridgeport Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review his textbooks on the topic of corporation accounting. During the first month, the accountant made the following entries for the corporation's capital stock.

May $2$ Cash

Capital Stock

$187,200$

$($Issued $10,400$ shares of $$15$ par value common stock at $$18$ per share$)$

$10$ Cash

Capital Stock

$676,000$

$187,200$

$($Issued $10,400$ shares of $$55$ par value preferred stock at $$65$ per share$)$

$15$ Capital Stock

$16,500$

Cash

$676,000$

$($Purchased $1,100$ shares of common stock for the treasury at $$15$ per share$)$

$31$ Cash

$8,000$

Capital Stock

$5,000$

Gain on Sale of Stock

$3,000$

$($Sold $500$ shares of treasury stock at $$16$ per share$)$

debit entries before creait entries. Recora journal entries in the order presentea in the problem. Creait account titles are automatically indented when amount is entered. Do not indent manually.$)$

Date

May $2$

Account Titles and Explanation

Debit

Common Stock

Paid$-$in Capital in Excess of Par$-$Common Stock

Preferred Stock

Paid$-$in Capital in Excess of Par$-$Preferred Stock

Treasury Stock

Cash

Treasury Stock

Paid$-$in Capital from Treasury Stock