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 105,000 commorn Ohio authonzed Mulligan to issue 21,000 shares of 6% preferred stock with a par value of $35 per share and 106,000 shares of common stock with a par stock and 20,000 preferred stock. The State of value of $10 per share. Any preferred stock sold during the year had a selling price of $52.50 per share. Muligan's common stock was issued at s23. Required: Prepare the journal entry to record the issuance of stock during the year (Record sale of preferred and common stock)