At the end of its first year of operations, Mulligan Corporation has outstanding shares of 110,000 common stock and 17,000 preferred stock. The State of Ohio authorized Mulligan to issue 18,000 shares...

At the end of its first year of operations, Mulligan Corporation has outstanding shares of 110,000 common stock and 17,000 preferred stock. The State of Ohio authorized Mulligan to issue 18,000 shares of 6% preferred stock with a par value of $35 per share and 111,000 shares of common stock with a par value of $6 per share. Any preferred stock sold during the year had a selling price of $45.50 per share. Mulligan's common stock was issued at $21.

Prepare the journal entry to record the issuance of stock during the year.