Brief Exercise 10-40 (Algorithmic) Recording the sale of Common and Preferred Stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 128,000 common stock and 12,000 preferred stock. The State of Ohio authorized Mulligan to Issue 13,000 shares of 6% preferred stock with a pat value of $45 par share and 129,000 shares of common stock with a par value of $10 per share. Any preferred stock cold during the year had a selling price of $63.00 per share. Mulligan's common stock was issued at $23 Required: Prepare the journal entry to record the issuance of stock during the year, IIIII (Record sale of preferred and common stock)