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1. BE 10.40 ALGO (Algorithmic) Brief Exercise 16-40 (Algorithmic) Recording the sale of Common and Prefarred Stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 87,000 common stock and 25,000 preferred stock. The State of his authorized Mulligan to sue 25,000 shares of a preferred stock with a par value of a per share and 8,000 shares of common stock with a par value of $7 per share. Any preferred to sold during the year had a selling price of $60.00 per share. M a common stock was issued at $17. Required: Prepare the journal entry to record the issuance of stock during the year. (Record sale of preferred and common stock) Issuing and Repurchasing Stock Mulligan Corporation had the following transactions related to its common and preferred stock: January Sold 50,000 shares of $0.50 par common stock for $12 per share. Sold 2,000 shares of $10 per preferred stock at $14 per share. October 1 Repurchased 4,820 shares of the common stock at $20 per share. Required: Prepare the journal entries for the above transactions. Jan. 15 (Record sale of preferred and common stock) Oct 1 (Record purchase of treasury shares)