Required information

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Nicole has been financing Nicole's Getaway Spa $($NGS$)$ using equity financing. Currently NGS has authorized $100,000$ 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.

a$.$ NGS issues $550$ preferred shares for $$11$ a share,

b$.$ NGS repurchases $550$ common shares for $$10$ a share.

c$.$ On November $12,$ the board of directors declares a $$0\mathrm{.}50$ cash dividend on each outstanding preferred share.

d$.$ The dividend is paid December $20.$

Required:

Prepare the journal entrles 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.$)$

Journal entry worksheet

$1$

$2$

$3$

$4$

Record the issuance of $550$ shares of preferred stock with no par value for a price of $$11$ per share.

Note: Enter debits before credits.

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