Nicole has been financing Nicoles 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 48,000 preferred shares and 38,000 common shares.

Recently the following transactions have taken place.

NGS issues 900 preferred shares for $12 a share.

NGS repurchases 900 common shares for $11 a share.

On November 12, the board of directors declares a $0.30 cash dividend on each outstanding preferred share.

The dividend is paid December 20.

Prepare the journal entries needed for each of the transactions.

Show the overall effect of each transaction on the assets, liabilities, and shareholders equity of the company.