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Recording the sale of Common and Preferred Stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 152,000 common stock and 23,000 preferred stock. The State of Ohio authorized Mulligan to issue 24,000 shares of 6% preferred stock with a par value of $35 per share and 153,000 shares of common stock with a par value of $12 per share. Any preferred stock sold during the year had a selling price of $42.00 per share. Mulligan's common stock was issued at $27. Required: Prepare the journal entry to record the issuance of stock during the year. Cash 4,104,100 Preferred Stock Additional Paid-In Capital-Preferred Stock Common Stock 1.824,000 Additional Pald-in Capital-Common Stock (Record sale of preferred and common stock) 5.920,000 X 840,000 X 1.805.000 X Feedback Check My Won When companies wel common or preturred stock to raise capital, the resulting ownership claims are recorded in the capital stock section of stockholders Equity Check My Work 1 mors Check My Works remaining Next > All work saved Save and Ex Submit Assignment for Grading