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Required information [ The following information applies to the questions displayed below. ] Nicole has been financing Nicole's Getaway Spa ( NGS ) using equity
Required information
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 nopar preferred shares
and $ par common shares. Outstanding shares include
preferred shares and common shares.
Recently the following transactions have taken place.
a NGS issues preferred shares for $ a share.
b NGS repurchases common shares for $ a share.
c On November the board of directors declares a $ cash dividend
on each outstanding preferred share.
d The dividend is paid December
equired:
Prepare the journal entries needed for each of the transactions. If no entry is required
for a transactionevent select No Journal Entry Required" in the first account field.
Journal entry worksheet
Record the issuance of shares of preferred stock with no par value for a
price of $ per share.
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