King Corporation began operations in January of the current year. the charter authorized the following stock:

Preferred stock: 10 Percent, $10 par value, 40,000 shares authorized

Common Stock: $5 par value, 85,000 shares authorized

During the current year, the following transactions occurred in the order given:

A.) Issued 66,000 shares of common stock for $9 cash per share.

Prepare Journal Entry for the issuance of stock.