Exercise 11-12 Swifty 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 183,600 183,600 10 Capital Stock (Issued 10,200 shares of $15 par value common stock at $18 per share) Cash Capital Stock (Issued 10,200 shares of $55 par value preferred stock at $65 per share) 663,000 663,000 15 Capital Stock 15,750 15,750 Cash (Purchased 1,050 shares of common stock for the treasury at $15 per share) Cash 31 4,800 Capital Stock Gain on Sale of Stock 3,000 1,800 (Sold 300 shares of treasury stock at $16 per share) (Sold 300 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. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit