SP 11 Serial Problem Business Solutions (Algo) LO P1, C1, C2 Santano Rey created Business Solutions on October 1. 2021. The company hos been successful, and Santana plans to expand her business. She belleves that an additional $124.000 is needed and is investigoting three funding sources. a. Santana's sister Cicely is willing to invest $124.000 in the business as a common shareholder. Because Santana currently has about $186,000 invested in the business, Cicely's investment will mean that Santana will maintain about 60% ownership and Cicely will hove 40% ownership of Business Solutions. b. Santana's uncle Marcello is willing to invest $124,000 in the business as a preferred shareholder Marcello would purchase 1,240 shares of $100 par value, 7% preferred stock. c. Santana's banker is willing to lend her $124,000 on a 7%, 11-year note payable. She would make monthly payments of $1,350 for 11 years. Required: 1. Prepare the journal entry to refiect the initial $124.000 investment under each of the options a,b, and c. Journal entrv worksheet equired: Prepare the journal entry to reflect the initial $124,000 investment under each of the options a,b, and c. Journal entry worksheet Record the issue of common stock of $124,000 cash. Noda! fonter detits before crecits. Journal entry worksheet Record the issue of preferred stock of $124,000 cash. Note: Enter debits before credits. Journal entry worksheet Record the issue of a note for $124,000 loan from the bank. Note: Enter debits before credits