Recording the Sale of Common and Preferred Stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 89,000 common stock and 25,000 preferred stock The State of Ohio authorized Mulligan to issue 26,000 shares of 6 preferred stock with a par value of $45 per share and 90,000 shares of common stock with a par value of $16 per share Any preferred stock sold during the year had a selling price of $54 00 per share Mulligan's common stock was issued at $29 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 StockCash DEBIT CREDIT Accounts ReceivableCashDividends PayablePreferred StockTreasury StockPreferred Stock Additional Paid In Capital Preferred StockAdditional Paid In Capital Treasury StockCashDividends PayableRetained EarningsAdditional Paid In Capital Preferred Stock Accounts PayableCashCommon StockRetained EarningsTreasury StockCommon Stock Accounts Payable Accounts Receivable Additional Paid In Capital Common StockDividends PayableRetained EarningsAdditional Paid In Capital Common Stock (Record sale of preferred and common stock)

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Posted on Aug 01, 2024

Recording the Sale of Common and Preferred Stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 89,000 common

Recording the Sale of Common and Preferred Stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 89,000 common stock and 25,000 preferred stock. The State of Ohio authorized Mulligan to issue 26,000 shares of 6% preferred stock with a par value of $45 per share and 90,000 shares of common stock with a par value of $16 per share. Any preferred stock sold during the year had a selling price of $54.00 per share. Mulligan's common stock was issued at $29.

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 StockCash	DEBIT	CREDIT
	Accounts ReceivableCashDividends PayablePreferred StockTreasury StockPreferred Stock
	Additional Paid-In Capital-Preferred StockAdditional Paid-In Capital-Treasury StockCashDividends PayableRetained EarningsAdditional Paid-In Capital-Preferred Stock
	Accounts PayableCashCommon StockRetained EarningsTreasury StockCommon Stock
	Accounts Payable.Accounts Receivable.Additional Paid-In Capital-Common StockDividends PayableRetained EarningsAdditional Paid-In Capital-Common Stock
	(Record sale of preferred and common stock)