Instructions Lodi Company is authorized to issue 100,000 shares of no-par, $6 stated-value common stock and 10,000 shares of 9%, $100 par preferred stock. It enters into the following transactions on December 31: 1. Accepts a subscription contract to 7,000 shares of common stock at $41 per share and receives a 30% down payment. 2. Collects the remaining balance of the subscription contract and issues the common stock. 3. Acquires a building by paying $2,000 cash and issuing 3,000 shares of common stock and 900 shares of preferred stock. Common stock is currently selling at $46 per share; preferred stock has no current market value. The building is appraised at $2,515,000. 4. Sells 1,000 shares of common stock at $47 per share. 5. Sells 900 shares of preferred stock at $110 per share. 6. Declares a three-for-one stock split on the common stock, reducing the stated value to $2.00 per share. Required: Prepare the journal entries to record the preceding transactions. nstr General Journal Lodi ( rans 1 2 3 4 DATE Dec. 31 Building Cash GENERAL JOURNAL ACCOUNT TITLE Common Stock Additional Paid-in Capital on Common Stock Shaded cells have feedback. Score: 217/241 POST. REF. DEBIT CREDIT 2,515,000.00 2,000,00 18,000.00 120,000.00 5 Preferred Stock 90,000.00 6 Additional Paid-in Capital on Preferred Stock 2,285,000.00 7 Cash 47,000.00 Common Stock 6,000.00 Additional Paid-in Capital on Common Stock 41,000.00 10 Cash 99,000.00 11 Preferred Stock 9,000.00 It enters