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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 54,000 preferred shares and 44,000 common shares.

Recently the following transactions have taken place.

1. NGS issues 1,200 preferred shares for $11 a share.
2. NGS repurchases 1,200 common shares for $10 a share.
3. On November 12, the board of directors declares a $0.50 cash dividend on each outstanding preferred share.
4. The dividend is paid December 20.

Required:

1. 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.)

• Record the issuance of 1,200 shares of preferred stock with no par value for a price of $11 per share.

• 2

  Record the purchase of 1,200 previously issued common shares for a price of $10 per share.

• 3

  Record the declaration of a $0.50 cash dividend on the shares of preferred stock outstanding.

• 4

  Record the payment of the cash dividend to the preferred shareholders.