Recording the Sale of Common and Preferred Stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 108,000 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 $35 per share and 109,000 shares of common stock with a par value of $9 per share. Any common stock sold during the year had a selling price of $20 per share. Mulligans preferred stock was issued at $52.50.

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.