Riverbed 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 corporation's capital stock.

May $2$ Cash

Capital Stock $150,800$

$($Issued $11,600$ shares of $$10$ par value common stock at $$13$ per share$)$

$10$

Cash

Capital Stock

$($Issued $11,600$ shares of $$55$ par value preferred stock at $$65$ per share$)$

$15$ Capital Stock

Cash

$($Purchased $1,400$ shares of common stock for the treasury at $$15$ per share$)$

$31$ Cash

Capital Stock

Gain on Sale of Stock

$150,800,$

$,150,800$

$754,000,$

$,754,000$

$3,200$

$($Sold $200$ 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. $($List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$