Sheffield 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 corporation's capital stock May 2 Cash 124,600 Capital Stock 124,600 (issued 8,900 shares of $10 par value common stock at 14 per share) 10 Cash 672,000 Capital Stock 672,000 (Issued 12,000 shares of $17 par value preferred stock et $56 per share) 15 Capital Stock 8,700 Cash 8,700 (Purchased 580 shares of common stock for the treasury at $15 per share)