Prepare the journal entries for the following transactions for Drake Co. Use "DR" for debit and "CR" for credit. When typing numbers, include commas, but no decimal places or number signs. For example, one thousand would be 1,000 not 1,000.00 not $1,000 not 1000. 1) Drake Co. begins operations by issuing common stock in exchange for $250,000. DR CR 2) Drake Co. purchases a piece of equipment for $50,000 cash. DR CR 3) Drake Co. purchases inventory on account for $8,000. Drake has agreed to pay the supplier in 30 days. DR CR 4) Drake Co. performs services and bills the customer $12,000. The customer has agreed to pay Drake in 30 days. DR CR 5) Drake Co. pays rent of $3,000 cash. DR CR