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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 41,000 preferred shares and 31,000 common shares.

Recently the following transactions have taken place.

NGS issues 550 preferred shares for $11 a share.

NGS repurchases 550 common shares for $10 a share.

On November 12, the board of directors declares a $0.50 cash dividend on each outstanding preferred share.

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.)