Current Attempt in Progress Cullumber 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 capital stock. Date Account Titles and Explanation May 2 Cash Capital Stock Debit Credit 187,000 187,000 (Issued 11,000 shares of $5 par value common stock at $17 per share) May 10 Cash 720,000 Capital Stock 720,000 (Issued 9,000 shares of $40 par value preferred stock at $80 per share) May 15 Capital Stock Cash (Purchased 1,100 shares of common stock for the treasury at $14 per share) May 31 Cash Capital Stock Gain on Sale of Stock (Sold 580 shares of treasury stock at $17 per share) 15,400 15,400 9,860 5,800 4,060