Recording the Sale of Common and Preferred Stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 139,000 common stock and 21,000 preferred stock. The State of Michigan authorized Mulligan to issue 22,000 shares of 6% preferred stock with a par value of $30 per share and 140,000 shares of common stock with a par value of $7 per share. Any common stock soid during the year had a selling price of $18 per share. Muligan's preferred stock was issued at \$39.00. Required: Prepare the journal entry to record the issuance of stock during the year, If an amount box does not require an entry, leave if blank