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. Date Account Titles and Explanation May 2 Cash Capital Stock (Issued 12,000 shares of $5 par value common stock at $17 per share) May 10 Cash Capital Stock (Issued 10,000 shares of $40 par value preferred stock at $80 per share) May 15 Capital Stock Cash (Purchased 900 shares of common stock for the treasury at $16 per share) May 31 Cash Capital Stock Gain on Sale of Stock (Sold 560 shares of treasury stock at $20 per share) Debit Credit 204,000 800,000 14,400 11,200 204,000 800,000 14,400 5,600 5,600 On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions.

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. On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions