Nicole has been financing Nicole's Getaway Spa $($NGS$)$ using equity financing. Currently NGS has authorized $100,000$ no$-$

par preferred shares and $200,000$$$2$ par common shares. Outstanding shares include $58,000$ preferred shares and

$48,000$ common shares.

Recently the following transactions have taken place.

a$.$ NGS issues $1,400$ preferred shares for $$13$ a share.

b$.$ NGS repurchases $1,400$ common shares for $$12$ a share.

c$.$ On November $12,$ the board of directors declares a $$0\mathrm{.}40$ cash dividend on each outstanding preferred share.

d$.$ The dividend is paid December $20.$

Required:

Prepare the journal entries needed for each of the transactions. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal

Entry Required" in the first account field.$)$

$(1)$ Record the issuance of $1,400$ shares of preferred stock

with no par value for a price of $$13$ per share.

Record the purchase of $1,400$ previously issued common

shares for a price of $$12$ per share.

Record the declaration of a $$0\mathrm{.}40$ cash dividend on the

shares of preferred stock outstanding.

Record the payment of the cash dividend to the preferred

shareholders.