At the end of its first year of operations, Mulligan Corporation has outstanding shares of 101,000 common stock and 24,000 preferred stock. The State of Michigan authorized Mulligan to issue 25,000 shares of 6% preferred stock with a par value of $35 per share and 102,000 shares of common stock with a par value of $13 per share. Any common stock sold during the year had a selling price of $24 per share. Mulligans preferred stock was issued at $42.00.