The Cansler Corporation provides an executive stock option plan. Under the plan, the company granted options on July 1, 2015, that permit executives to acquire 15 million of the company's $3 par value common shares within the next 8 years, but not prior to June 30, 2018 (the vesting date). The exercise price is the market price of the shares on the date of the grant, $12 per share. The fair value of the options, estimated by an appropriate model, is $9.50 per option.

On September 15, 2019, 10 million options are exercised to purchase 10 million shares. Prepare the necessary journal entry to record this transaction.