Pina Colada 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 what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation's common shares: Account Titles and Explanation Date May $12232,90014400,500400,5001512,22012,22031$ Cash Common Shares $($Issued $13,700$ common shares at $$17$ per share.$)$ Cash Common Shares $($Issued $8,900$ preferred shares at $$45$ per share.$)$ Common Shares Cash $($Purchased and retired $940$ common shares at $$13$ per share.$)$ Cash Common Shares Gain on Sale of Shares Debit $232,900$ Credit $7,1405,4601,680($Issued $420$ shares at $$17$ per share.$)$ Assume that no other common share transactions had been recorded earlier. Based on the explanation for each entry, prepare the entries that should have been made for the common share transactions. If an entry is correct, repeat the entry. $($List all debit entries before credit entries. Credit account titles are automatically indented when the 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.$)$