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Recording the Sale of Common and Preferred Stock

At the end of its first year of operations, Mulligan Corporation has outstanding shares of 109,000 common stock and 16,000 preferred stock. The State of Michigan authorized Mulligar issue 17,000 shares of 6% preferred stock with a par value of $35 per share and 110,000 shares of common stock with a par value of $10 per share. Any common stock sold during year had a selling price of $22 per share. Mulligan's preferred stock was issued at $42.00.

Required:

Prepare the journal entry to record the issuance of stock during the year. If an amount box does not equire an entry, leave it blank.

Fecording the Sale of Common and Prefered Stock At the end of its first year of operations, Mulligan Corporotan has outstanding shares of 109,000 common stock and 16,000 preferred stock. The 5tate of Michigan autharifed Moligan to issue 17,000 thares of 6% preferred stock with a par value of $35 per share and 110,000 shares of common stock with a par value of $10 per share. Any common stock sold during the year had a selling price of $22 per share. Mulligan's preferred stock was issued at $42.00. Required: Prepare the joumal entry to recoid the issuance of stock during the vear. If an amount box does not iequite an entry, lewe it Blank

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