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Gilliam Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of...

Gilliam 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 183,600
   Capital Stock 183,600
     (Issued 10,200 shares of $15 par value common stock at $18 per share)
10 Cash 663,000
   Capital Stock 663,000
     (Issued 10,200 shares of $55 par value preferred stock at $65 per share)
15 Capital Stock 15,750
   Cash 15,750
     (Purchased 1,050 shares of common stock for the treasury at $15 per share)
31 Cash 4,800
   Capital Stock 3,000
   Gain on Sale of Stock 1,800
     (Sold 300 shares of treasury stock at $16 per share)


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

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