Santana Rey created Business Solutions on October 1, 2021. The company has been successful, and Santana plans to expand her business. She believes that an additional $94,000 is needed and is investigating three funding sources.

1. Santanas sister Cicely is willing to invest $94,000 in the business as a common shareholder. Because Santana currently has about $141,000 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 $94,000 in the business as a preferred shareholder. Marcello would purchase 940 shares of $100 par value, 8% preferred stock.
3. Santanas banker is willing to lend her $94,000 on a 8%, 10-year note payable. She would make monthly payments of $1,140 for 10 years.

Required:

1. Prepare the journal entry to reflect the initial $94,000 investment under each of the options a, b, and c.