Larkspur, Inc. 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 Capital Stock (Issued 10,800 shares of $15 par value common stock at $18 per share) 10 Cash Capital Stock (Issued 10,800 shares of $55 par value preferred stock at $65 per share) 15 Capital Stock Cash (Purchased 1,200 shares of common stock for the treasury at $15 per share) 31 Cash Capital Stock Gain on Sale of Stock (Sold 400 shares of treasury stock at $16 per share) 194,400 194,400 702,000 702,000 18,000 18,000 6,400 4,000 2,400