Whispering Winds 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 corporation's capital stock. May 2 Cash Capital Stock 216,000 216,000 (Issued 12,000 shares of $15 par value common stock at $18 per share) 10 Cash 720,000 Capital Stock 720,000 (Issued 12,000 shares of $50 par value preferred stock at $60 per share) 15 Capital Stock 22,500 22,500 Cash (Purchased 1,500 shares of common stock for the treasury at $15 per share) 31 Cash Capital Stock Gain on Sale of Stock (Sold 200 shares of treasury stock at $16 per share) 3,200 2,000 1,200 On the basis of the explanation for each entry, prepare the entry that should have been made for the capital stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit