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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

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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, a Santana's sister Cicely is willing to invest $92000 in the business as a common shareholder. Since Santana currently has about $138,000 invested in the business, Cicely's investment will mean that Santana will maintain about 60% ownership and Cicely will have 40% ownership of Business Solutions b. Santana's 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, c. Santana's 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). Journal entry worksheet

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