At the end of its first year of operations, Mulligan Corporation has outstanding shares of 125,000 common stock and 17,000 preferred stock. The State of Michigan authorized Mulligan to issue 18,000 shares of 6% preferred stock with a par value of $35 per share and 126,000 shares of common stock with a par value of $3 per share. Any common stock sold during the year had a selling price of $15 per share. Mulligans preferred stock was issued at $52.50.