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Prepare the journal entries for the following transactions. (Don't worry about the formatting for your answer here on Canvas. Explain which accounts are debited/credited and for how much, and then show the journal entry in its proper format in the work you submit.) January 1, 2021: Lugo Company issues 2,000 shares of common stock for $7 per share. The common stock has a par value of $2 per share. March 1, 2021: Lugo Company issues 3,000 shares of preferred stock for $15 per share. The preferred stock has a stated value of $6 per share. July 1, 2021: Lugo Company issues 5,000 shares of common stock for land worth $50,000. The common stock has a par value of $2 per share. October 1, 2021: Lugo Company issues 2,500 shares of preferred stock for equipment worth $45,000. The preferred stock has a stated value of $6 per share