Recording the Sale of Common and Preferred Stock At the end of its first vear of operations, Muligan Corporabon has outstanding shares of 101,000 common stock and 19,000 preferred stock. The 50 tate of Michigan authorved Mulligan to issue 20,000 shares of 615 preferred stock with a par value of $45 per share and 102,000 shares of common stock with a par value of 56 per ahare. Any commen stock sold during the vear had a selling price of 520 per share. Mulligan's prelerted stock was issued at 354.00 . Required