LIVYONUWV2T UIM lee X IM Academy: WELCOME! eBook Calculator 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 130,000 common stock and 12,000 preferred stock. The State of Ohio authorized Mulligan to issue 13,000 shares of 6% preferred stock with a par value of $45 per share and 131,000 shares of common stock with a par value of 89 per share. Any preferred stock sold during the year had a selling price of $54.00 per share. Mulligan's common stock was issued at $23. Required: Prepare the journal entry to record the issuance of stock during the year. (Record sale of preferred and common stock) Check My Work 3 more Check My Work uses remaining. Next > Save and Exit Submit Assignment for Grading