Question 21 40 pts Prepare the journal entries for the following transactions. (Don't worry about the formatting for your answer here on Canvas. 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. Edit View Insert Format Tools Table 12pt Paragraph 2