Recording the sale of Common and Preferred Stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 155,000 common stock and 15,000 preferred stock. The State of Michigan authorized Mulligan to issue 16,000 shares of 6% preferred stock with a par value of $35 per share and 156,000 shares of common stock with a par value of $5 per share. Any common stock sold during the year had a selling price of $20 per share. Mulligan's 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.