Concord 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 225,000 Capital Stock 225,000 (issued 12,500 shares of $15 par value common stock at $18 per share) 10 Cash 812,500 Capital Stock 812,500 (Issued 12,500 shares of $55 par value preferred stock at $65 per share) 15 Capital Stock 24,375 Cash 24,375 (Purchased 1,625 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) On the basis of the explanation for each entry, prepare the entry that should have been made for the capital stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit occount tities are automatically indented