Binder Inc is authorized to sell 5,000,000 shares of $1par value common stock.

On May 31, Binder issues 10,000 shares for $8/share.

Prepare the journal entry to record the issuance.

DR: [ Select ] ["Cash", "Common Stock", "Preferred Stock", "APIC"] [ Select ] ["10,000", "70,000", "80,000", "5,000,000"]

CR: [ Select ] ["Preferred Stock", "Cash", "Common Stock"] [ Select ] ["80,000", "5,000,000", "10,000", "70,000"]

CR: [ Select ] ["Preferred Stock", "Cash", "APIC"] [ Select ] ["10,000", "80,000", "5,000,000", "70,000"]