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Question - Nicole has been financing Nicole's 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 50,000 preferred shares and 40,000 common shares.
Recently the following transactions have taken place.
1. NGS issues 1,000 preferred shares for $12 a share.
2. NGS repurchases 1,000 common shares for $11 a share.
3. On November 12, the board of directors declares a $0.10 cash dividend on each outstanding preferred share.
4. The dividend is paid December 20.
Required - Prepare the journal entries needed for each of the transactions.
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