Whispering Winds 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 Debit Credit May 12 Cash 214,400 Common Shares 214.400 (Issued 13,400 common shares at $16 per share.) 14 Cash 445,500 445.500 Common Shares (Issued 8,100 preferred shares at $55 per share.) 15 Common Shares 18.460 Cash 18,460 (Issued 8,100 preferred shares at $55 per share.) 15 Common Shares 18,460 Cash 18,460 (Purchased and retired 1,420 common shares at $13 per share.) 31 Cash 6,720 Common Shares 5,460 Gain on Sale of Shares 1,260 (Issued 420 shares at $16 per share.) 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 Debit Credit May 12 May 14 May 15 May 15 May 31