Recording the sale of Common and Preferred Stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 137,000 common stock and 22,000 preferred stock. The State of Michigan authored on to issue 23,000 shares of 696 preferred stock with a par value of $35 per share and 18,000 shares of common with a par value of $10 per share. Any common stock old during the year had a selling price of $20 per share. Mulligan's preferred stock was moed 45.50 Required Prepare the journal entry to record the scomce of stock during the year. It an amount box does not recen entry leave it bank 1,046,500 X Preferred Stock Additional Paid In Capital-Preferred Stock 575.000 x Common Stock Additional Paid In Capital-Common Stock 2.740,000 X 770,000 1001 DOG