At the end of its first year of operations, Mulligan Corporation has outstanding shares of 96,000 common

Question:

At the end of its first year of operations, Mulligan has outstanding shares of 96,000 and 1,900 preferred stock. The State of Ohio authorized Mulligan to issue 3,000 shares of 6% preferred stock with a of $40 per share and 110,000 shares of with a of $0.01 per share. Any sold during the year had a selling price of $47 per share. Mulligan's preferred stock was issued at $17.50.
Required:
Prepare the journal entry to record any issuance of stock during the year?
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...