Recording the Sale of Common and Preferred Stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 128,000 common stock and 19,000 preferred stock The State of Ohio authorized Mulligan to issue 20,000 shares of 6 preferred stock with a par value of $45 per share and 129,000 shares of common stock with a par value of $6 per share Any preferred stock sold during the year had a selling price of $58 50 per share Mulligan's common stock was issued at $17 Required Prepare the journal entry to record the issuance of stock during the year blank Additional Paid In Capital Common StockAdditional Paid In Capital Preferred StockCashCommon StockPreferred Stock Select Select Accounts ReceivableCashDividends PayablePreferred StockTreasury Stock Select Select Additional Paid In Capital Preferred StockAdditional Paid In Capital Treasury StockCashDividends PayableRetained Earnings Select Select Accounts PayableCashCommon StockRetained EarningsTreasury Stock Select Select Accounts PayableAccounts ReceivableAdditional Paid In Capital Common StockDividends PayableRetained Earnings Select Select (Record sale of preferred and common stock)

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Posted on Oct 22, 2024

Recording the Sale of Common and Preferred Stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 128,000 common

Recording the Sale of Common and Preferred Stock

At the end of its first year of operations, Mulligan Corporation has outstanding shares of 128,000 common stock and 19,000 preferred stock. The State of Ohio authorized Mulligan to issue 20,000 shares of 6% preferred stock with a par value of $45 per share and 129,000 shares of common stock with a par value of $6 per share. Any preferred stock sold during the year had a selling price of $58.50 per share. Mulligan's common stock was issued at $17.

Required:

Prepare the journal entry to record the issuance of stock during the year.

blank	Additional Paid-In Capital-Common StockAdditional Paid-In Capital-Preferred StockCashCommon StockPreferred Stock	- Select -	- Select -
	Accounts ReceivableCashDividends PayablePreferred StockTreasury Stock	- Select -	- Select -
	Additional Paid-In Capital-Preferred StockAdditional Paid-In Capital-Treasury StockCashDividends PayableRetained Earnings	- Select -	- Select -
	Accounts PayableCashCommon StockRetained EarningsTreasury Stock	- Select -	- Select -
	Accounts PayableAccounts ReceivableAdditional Paid-In Capital-Common StockDividends PayableRetained Earnings	- Select -	- Select -
	(Record sale of preferred and common stock)