On March 1, 2020, AC Milan has a joint issuance of 100,000 shares of common and 5,000 shares of preferred stock. The total proceeds of the issuance equals 10 million. The par value of the common stock equals $10, while the par value of the preferred stock equals $100. The market value of a single share of common stock is $43.50 on March 1. In 2020, AC Milan recorded a profit of $15 million, on which it paid no taxes.

Prepare the journal entry to record the joint issuance of common and preferred stock on March 1. Must show work