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

$216,000$

$($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

$22,500$

Cash

$22,500$

$($Purchased $1,500$ shares of common stock for the treasury at $$15$ per share$)$

$31$ Cash

$3,200$

Capital Stock

$2,000$

Gain on Sale of Stock

$1,200$

Treasury Stock