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 42,000 preferred shares and 32,000 common shares Recently the following transactions have taken place. a.NGS issues 600 preferred shares for $12 a share. b. NGS repurchases 600 common shares for $11 a share. c On November 12, the board of directors declares a $0.40 case dividend on each outstanding preferred share. d. The dividend is paid December 20. chare CC11-1 Part 1 Required: 1 2 3 4 Record the issuance of 600 shares of preferred stock with no par value for a price of $12 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 3 4 Record the purchase of 600 previously issued common shares for a price of $11 per share. Note: Enter debits before credits. Transaction General Journal D ebit Credit b . Record entry Clear entry View general journal