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Crane 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 (Issued 12,000 shares of $5 par value common stock at $16 per share) May 10 Cash Capital Stock (Issued 10,000 shares of $30 par value preferred stock at $60 per share) May 15 Capital Stock Cash (Purchased 1,200 shares of common stock for the treasury at $16 per share) May 31 Cash Capital Stock Gain on Sale of Stock (Sold 510 shares of treasury stock at $18 per share) Debit 192,000 600,000 19,200 9,180 Credit 192,000 600,000 19,200 5,100 4,080

Crane 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 it had learned earlier about corporation accounting. During the first month he made the following entries for the corporation's capital stock. On the basis of the explanation for each entry. prepare the entries that should have been made for the capitalstock transactions. (Lit ail debit entries before credit entries. Credit occount tilles are outomatically indented when the amount is entered. Do not indent monuell x. If no entry ls required, select 'No Entry' for the occount tieles and enter O for the amounts. Recond entries in the onder disployed in the problem itatement.)

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