Recording the Sale of Common and Preferred Stock authorized Mulligan to issue 23,000 shares of 6% preferred stock with a par value of $40 per share and 117,000 shares of common stock with a par share. Any common stock sold during the year had a selling price of $26 per share. Mulligan's preferred stock was issued at $48.00. 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