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Irief Exercise 10-40 (Algorithmic) Lecording the 5 ale of Common and Preferred stock At the...

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Irief Exercise 10-40 (Algorithmic) Lecording the 5 ale of Common and Preferred stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 119,000 common-stock and 17,000 preferred stock. The 5 tate of ohio authorized Mulligan to issue 18,000 shares of 6% preferred stock-with a par value of $50 per share and 120,000 shares of common stock with a par value of $17 per share, Any preferred stock sold during the year had a selling price of $65.00 per share. Mulligan's common stock was issued at $30. Required

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