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 at $56 per 5 hare) 15 Capital Stock 8,700 Cash 8.700 (Purchased 580 shares of common stock for the treasury at $15 per share) On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. (Record journal entries in the order presented in the problem. Credit occount tities are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select 'No Entry' for the account titles and enter Ofor the amounts) Date Account Titles and Explanation Debit Credit