At the end of its first year of operations, Mulligan Corporation has outstanding shares of 96,000 common stock and 1,900 preferred stock. The State of Ohio authorized Mulligan to issue 3,000 shares of 6% preferred stock with a par value of $40 per share and 110,000 shares of common stock with a par value of $0.01 per share. Any common stock sold during the year had a selling price of $47 per share. Mulligans preferred stock was issued at $17.50.

Prepare the journal entry to record any issuance of stock during the year and show calculations.