Stockholders' Equity Transactions $-$Nile Inc.

Information about Nile Inc.$\text{'}$s stockholders' equity as of January $1,2028,$ is provided below: Nile is authorized to issue $50,000$ shares of $$0\mathrm{.}01$ par, common stock. $24,000$ shares are issued and outstanding.

Nile is also authorized to issue $75,000$ shares of $$6$ par, $5\%,$ cumulative preferred stock. $8,000$ shares are issued and outstanding.

Balances as of January $1,2028,$ for selected accounts are as follows: Preferred Stock $$48,000$; Additional PaidIn Capital$-$P$/$S $$63,000$; Common Stock $$240$; Additional Paid$-$In Capital$-$C$/$S $$108,000$; Treasury Stock$-$C$/$S $$0$; Additional Paid$-$In Capital from Treasury Stock $$0$; Retained Earnings $$42,300.$ Net income for $2028$ is $$75,100.$

Required:

Journalize the transactions for Nile.

JE $01$ Jan $1-$ Nile issued $900$ shares of preferred stock for $$14$ per share.

JE $02$ Apr $24-$Nile issued $6,500$ shares of common stock for $$6\mathrm{.}25$ per share.

JE $03$ May $16--$ Nile bought $8,000$ shares of $($Nile$)$ common stock $($to hold temporarily$)$ for $$6$ per share.

JE $04$ Jun $2--$Nile's board of directors declared a $$3,400$ cash dividend, payable on Jul $15.$

JE $05$ Jul $15--$ Nile paid the dividend declared on Jun $2.$

JE $06$ Aug $5--$ Nile sold $3,000$ shares of treasury stock for $$8$ per share.

JE $07$ Oct $30--$ Nile declared an $18\%$ stock dividend on common stock, distributable on Nov $15.$ The market value of the common stock is $$7\mathrm{.}00$ per share.

JE $08$ Nov $15--$ Nile distributed the stock dividend declared on Oct $30.$