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en CALCULATOR PRINTER VERSION BACK NEXT Avaval Corporation recently hired a new accountant with extensive...

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Accounting

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en CALCULATOR PRINTER VERSION BACK NEXT Avaval Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new lob, 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. 131,300 May 2 131,300 Cash Capital Stock (Issued 10,100 shares of $10 par value common stock at $13 per share) Cash 606,000 10 606,000 Capital Stock (Issued 10,100 shares of $50 par value preferred stock at $60 per share) Capital Stock 15,375 15 15,375 Cash (Purchased 1,025 shares of common stock for the treasury at $15 per share) Cash 3,200 31 2,000 1,200 Capital Stock Gain on Sale of Stock (Sold 200 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. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not Indent manually

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