Carla Vista Inc. $($CI$)$ is a widely held, publicly traded company that designs equipment for tuning musical instruments. Information

about its shareholders' equity is as follows.

CARLA VISTA INC.

Shareholders' Equity

December $31,2022$

The preferred share dividend was not paid in $2022.$

Several transactions affecting shareholders' equity took place during the fiscal year ended December $31,2023,$ and are summarized in

chronological order as follows:

Exchanged $11,250$ common shares for prototype piano tuning equipment. The equipment was valued at $$112,500$ by an

independent appraiser. On the transaction date, Cl$\text{'}$s shares were actively trading at $$10$ per share.

Purchased and retired $11,250$ common shares at $$13\mathrm{.}50$ per share.

Paid the annual dividend on the preferred shares. The common shares were then paid a $$2$ per share dividend.

Cl$\text{'}$s net income for $2023$ was $$71,000.$ Prepare journal entries for each of the three transactions. $($Round average price per share to $0$ decimal places, e$.$g$.5,275$ and

percentages to $4$ decimal places, e$.$g$.52\mathrm{.}7546\%.$ Round answers to $0$ decimal places, e$.$g$.5,275.$ List all debit entries before credit entries.

Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No

Entry" for the account titles and enter $0$ for the amounts.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$($To record payment of dividend

to preferred shareholders$)$

$($To record payment of dividend

to common shareholders$)$