Gilliam 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 corporations capital stock. May 2 Cash 136,500 Capital Stock 136,500 (Issued 10,500 shares of $10 par value common stock at $13 per share) 10 Cash 630,000 Capital Stock 630,000 (Issued 10,500 shares of $50 par value preferred stock at $60 per share) 15 Capital Stock 16,875 Cash 16,875 (Purchased 1,125 shares of common stock for the treasury at $15 per share) 31 Cash 6,400 Capital Stock 4,000 Gain on Sale of Stock 2,400 (Sold 400 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.