CHIL Name: _ Date: 1. An inexperienced accountant for Teahan Corporation made the following entries. July 1 Cash 170,000 Common Stock 170,000 (Issued 20,000 shares of no-par common stock, stated value $5 per share) Sept. 1 Common Stock 36,000 Retained Earnings 24,000 Cash 60,000 (Purchased 4,000 shares issued on July 1 for the treasury at $15 per share) Instructions On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Omit explanations.)