Brief Exercise 10-40 (Algorithmic) Recording the sale of common and Profetred Stock At the end of the year of operations, Mulligan Corporation outstanding shares of 142,000 common stock and 21.000 preferred stock. The state of Ohio authorised Mulligan to issue 22,000 shares of the preferred stock with a prof 50 per share and 143,000 shares of common stock with a par value of 7 per share. Any preferred stock old during the year had a selling price of $60.00 per show. Muligan's common stock was issued at $17. Required: Prepare the journal entry to record the smance of stock during the year (Record sale of preferred and common stock)