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 100,000 nopar preferred shares and 200,000$2 par common shares. Outstanding shares include 50,000 preferred shares and 40,000 common shares. Recently the following transactions have taken place. a. NGS issues 1,000 preferred shares for $12 a share. b. NGS repurchases 1,000 common shares for $11 a share. c. On November 12, the board of directors declares a $0.10 cash dividend on each outstanding preferred share. d. The dividend is paid December 20 . lequired: 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.) 1 Record the issuance of 1,000 shares of preferred stock with no par value for a price of $12 per share. 2 Record the purchase of 1,000 previously issued common shares for a price of $11 per share. 3 Record the declaration of a $0.10 cash dividend on the shares of preferred stock outstanding. 4 Record the payment of the cash dividend to the preferred shareholders. Note : = journal entry has been entered