E15-9 (Correcting Entries for Equity Transactions) Davison plc 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 corporation's ordinary shares. May 2 Cash 192,000 Share Capital - Ordinary 192,000 (Issued 12,000 shares of 10 par value ordinary shares at 16 per share) 10 Cash 600,000 Share Capital - Ordinary 600,000 (Issued 10,000 shares of 30 par value preference shares at 60 per share) 15 Share Capital - Ordinary 14,000 Cash 14,000 (Purchased 1,000 ordinary shares for the treasury at 14 per share) 31 Cash 8,500 Share Capital Ordinary 5,000 Gain on Sale of Shares 3,500 (Sold 500 treasury shares at 17 per share) Instructions On the basis of the explanation for each entry, prepare the entries that should have been made for the ordinary share transactions