Swifty 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: Date Account Titles and Explanation May 12 Cash Common Shares (Issued 13,800 common shares at $17 per share.) 14 Cash Common Shares (Issued 9,000 preferred shares at $53 per share.) 15 Common Shares Cash (Purchased and retired 1,410 common shares at $14 per share.) 31 Cash Common Shares Gain on Sale of Shares Debit Credit 234,600 234,600 477,000 477,000 19,740 19,740 14,520 9,240 5,280 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.) Date Account Titles and Explanation May 12 Debit Credit May 14 May 15 May 31