Exercise $10-4($Static$)$ Record the issuance of common stock $($LO$10-2)$

Major Sports plans to raise $$5,000,000$ in an initial public offering of its common stock. The company is considering three options:

a$.$ Issue $100,000$ shares of $$1$ par value common stock for $$50$ per share.

b$.$ Issue $500,000$ shares of $$1$ par value common stock for $$10$ per share.

c$.$ Issue $1,000,000$ shares of $$1$ par value common stock for $$5$ per share.

Required:

Record the issuance of common stock for each option. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$