Recording the Sale of Common and Preferred Stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 77,000 common stock and 12,000 preferred stock. The State of Michigan authorized Muligan to issue 13,000 shares of 6% preferred stock with a par value of $35 per share and 78,000 shares of common stock with a par value of $12 per share. Any common stock sold during the year had a selling price of $25 per share. Mulligan's preferred stock was issued at $52.50