Grouper Corp. 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 99,400 Capital Stock 99,400 (Issued 7,100 shares of $ 10 par value common stock at $ 14 per share) 10 Cash 594,000 Capital Stock 594,000 (Issued 11,000 shares of $ 18 par value preferred stock at $ 54 per share) 15 Capital Stock 10,440 Cash 10,440 (Purchased 870 shares of common stock for the treasury at $ 12 per share)