Swifty 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 corporations capital stock.
		Debit	Credit
2-May	Cash	154,700
	Capital Stock		154,700
	(Issued 11,900 shares of $10 par value common stock at $13 per share)
10-May	Cash	714,000
	Capital Stock		714,000
	(Issued 11,900 shares of $50 par value preferred stock at $60 per share)
15-May	Capital Stock	22,125
	Cash		22,125
	(Purchased 1,475 shares of common stock for the treasury at $15 per share)
31-May	Cash	4,800
	Capital Stock		3,000
	Gain on Sale of Stock		1,800
	(Sold 300 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.