Garcia 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 what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporations capital stock. May 2 Cash 106,960 Capital Stock 106,960 (Issued 7,640 shares of $10 par value common stock at $14 per share) 10 Cash 631,380 Capital Stock 631,380 (Issued 12,380 shares of $17 par value preferred stock at $51 per share) 15 Capital Stock 8,400 Cash 8,400 (Purchased 840 shares of common stock for the treasury at $10 per share)