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Flint 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 Debit Credit 255,600 Date May 12 Cash Common Shares 255,600 (Issued 14,200 common shares at $18 per share.) 10 Cash 421,400 Common Shares 421,400 (Issued 8,600 preferred shares at $49 per share.) 15 Common Shares 15,600 Cash (Purchased and retired 1,200 common shares at $13 per share.]) 15,600 31 Cash 12,200 Common Shares Gain on Sale of Shares 10,200 2,000 (Issued 610 shares at $20 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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)