Davison Inc. 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 what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporations capital stock. 2-May Cash 192,000 Common Stock 192,000 (Issued 12,000 shares of $10 par value common stock at $16 per share) May 10 Cash 600,000 Common Stock 600,000 (Issued 10,000 shares of $30 par value preferred stock at $60 per share) May 15 Common Stock 14,000 Cash 14,000 (Purchased 1,000 shares of common stock for the treasury at $14 per share) May 31 Cash 8,500 Common Stock 5,000 Gain on Sale of Stock 3,500 (Sold 500 shares of treasury stock at $17 per share) On the basis of the explanation for each entry, prepare the entries that should have been made for the transactions