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 $16,000$ preferred stock. The State of Michigan authorized Mulligan to issue $17,000$ shares of $6\%$ preferred stock with a par value of $$45$ per share and $90,000$ shares of common stock with a par value of $$7$ per share. Any common stock sold during the year had a selling price of $$18$ per share. Mulligan's preferred stock was issued at $$58\mathrm{.}50.$

Required:

Prepare the journal entry to record the issuance of stock during the year. If an amount box does not require an entry, leave it blank.