Recording the Sale of Common and Preferred Stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 101,000 common stock and 19,000 preferred stock. The State of Michigan authorized Mulligan to issue 20,000 shares of 6% preferred stock with a par value of $45 per share and 102,000 shares of common stock with a par value of $6 per share. Any common stock sold during the year had a selling price of $20