Instructions Lodi Company is authorized to issue $100,000$ shares of no$-$par,stated$-$value common stock and $10,000$ shares ofpar preferred stock. It enters into the following transactions on December $31$ :$1.$ Accepts a subscription contract to $7,000$ shares of common stock atper share and receives adown payment. $2.$ Collects the remaining balance of the subscription contract and issues the common stock. $3.$ Acquires a building by payingcash and issuing $3,000$ shares of common stock and $900$ shares of preferred stock. Common stock is currently selling atper share; preferred stock has no current market value. The building is appraised at$.4.$ Sells $1,000$ shares of common stock atper share. $5.$ Sells $900$ shares of preferred stock atper share. $6.$ Declares a three$-$for$-$one stock split on the common stock, reducing the stated value toper share. Required: Prepare memorandum and journal entries to record the preceding transactions. Instructions This questions requires two pages of eight journal entries each for the problems above. IN NEED OF SERIOUS HELP AND FAST!