Cheyenne Corp. issues $8,700$ shares of $$100$ par value preferred stock for cash at $$108$ per share.

Journalize the issuance of the preferred stock. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit