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 25,000 preferred stock. The State of Michigan authorized Mulligan to issue 26,000 shares of 6% preferred stock with a par value of $30 per share and 138,000 shares of common stock with a par value of $11 per share. Any common stock sold during the year had a selling price of $25 per share. Mulligan's preferred stock was issued at $36.00. Required: Prepare the journal entry to record the issuance of stock during the year. If an amount box does not require an entry, leave it blank. When companies sell common or preferred stock to raise capital, the resulting ownership clams are recoeded in the captal sbock secton of stockholders' equify