Required Information CC11-1 Accounting for Equity Financing (LO 11-1, LO 11-2, LO 11-3, LO 11-4, LO 11-5) (The following information applies to the questions displayed below) Nicole has been financing Nicole's Getaway Spa (NGS) using equity financing. Currently NGS has authorized 100,000 nos 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. a.NGS issues 900 preferred shares for $12 a share. b. NGS repurchases 900 common shares for $11 a share c. On November 12, the board of directors declares a $0.30 cash dividend on each outstanding preferred share d. The dividend is paid December 20. CC11-1 Part 1 Required: 1. 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.) View transaction list View journal entry worksheet Debit Record the issuance of 900 shares of preferred stock with no par value for a price of $12 per share. Record the purchase of 900 previously issued common shares for a price of $11 per share Record the declaration of a $0.30 cash dividend on the shares of preferred stock outstanding. Record the payment of the cash dividend to the preferred shareholders. Note 1 journal entry has been entered Required information CC11-1 Accounting for Equity Financing (LO 11-1, LO 11-2, LO 11-3, LO 11-4, LO 11-5) The following information applies to the questions displayed below) 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 48,000 preferred shares and 38,000 common shares. Recently the following transactions have taken place. a NGS issues 900 preferred shares for $12 a share b. NGS repurchases 900 common shares for $11 a share con November 12, the board of directors declares a $0.30 cash dividend on each outstanding preferred share. d. The dividend is paid December 20. CC11-1 Part 3 3. Show the overall effect of each transaction on the assets, liabilities, and shareholders' equity of the company. (Use for decrease, and NE for no effect) for increase. - Balance Sheet holders' Equity