Brief Exercise $10-40($Algorithmic$)$

Recording the Sale of Common and Preferred Stock

At the end of its first year of operations, Mulligan Corporation has outstanding shares of $94,000$ common stock and $25,000$ preferred stock. The State of Ohio authorized Mulligan to issue $26,000$ shares of $6\%$ preferred stock with a par value of $$50$ per share and $95,000$ shares of common stock with a par value of $$6$ per share. Any preferred stock sold during the year had a selling price of $$65\mathrm{.}00$ per share. Mulligan's common stock was issued at $$18.$

hequired:

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

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$($Record sale of preferred and common stock$)$