Santana Rey created Business Solutions on October 1, 2019. The company has been successful, and Santana plans to expand her business. She believes that an additional $92,000 is needed and is investigating three funding sources.

1. Santanas sister Cicely is willing to invest $92,000 in the business as a common shareholder. Since Santana currently has about $138,000 invested in the business, Cicelys investment will mean that Santana will maintain about 60% ownership and Cicely will have 40% ownership of Business Solutions.
2. Santanas uncle Marcello is willing to invest $92,000 in the business as a preferred shareholder. Marcello would purchase 920 shares of $100 par value, 7% preferred stock.
3. Santanas banker is willing to lend her $92,000 on a 7%, 12-year note payable. She would make monthly payments of $946 per month for 12 years.

Required: 1. Prepare the journal entry to reflect the initial $92,000 investment under each of the options (a), (b), and (c).