SP 11 Serial Problem Business Solutions (Algo) LO P1, C1, C2 5 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 $96,000 is needed and is investigating three funding sources. a. Santana's sister Cicely is willing to invest $96,000 in the business as a common shareholder. Because Santana currently has about $144,000 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 $96,000 in the business as a preferred shareholder. Marcello would purchase 960 shares of $100 par value, 9% preferred stock. c. Santana's banker is willing to lend her $96,000 on a 9%, 11-year note payable. She would make monthly payments of $1148 for 11 years. Required: 1. Prepare the Journal entry to reflect the initial $96,000 Investment under each of the options a, b, and a View transaction list Journal entry worksheet 1 2 3 Record the issue of common stock of $96,000 cash. Note: Enter debits before credits Required: 1. Prepare the journal entry to reflect the initial $96,000 investment under each of the options a, b, and c. View transaction list Journal entry worksheet Record the issue of preferred stock of $96,000 cash. Note: Enter debits before credits. Transaction General Journal Dobit Credit b. Record entry Clear entry View general journal Requi 1. Prepare the journal entry to reflect the initial $96,000 investment under each of the options a, b, and c. View transaction list Journal entry worksheet MAAR 1 N 3 Record the issue of a note for $96,000 loan from the bank. Note: Enter debits before credits. Transaction General Journal Dobit Credit c. Record entry Clear entry View general Journal