Required information [The following information applies to the questions displayed below.] Nicole has been financing Nicole's...
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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 no- par preferred shares and 200,000 $2 par common shares. Outstanding shares include 42,000 preferred shares and 32,000 common shares. Recently the following transactions have taken place. a. NGS issues 600 preferred shares for $12 a share. b. NGS repurchases 600 common shares for $11 a share. c. On November 12, the board of directors declares a $0.40 cash dividend on each outstanding preferred share. d. 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.) View transaction list Journal entry worksheet 1 2 3 4 Record the issuance of 600 shares of preferred stock with no nar value for a 4 ed t a. NGS issues 600 preferred shares for $12 a share. b. NGS repurchases 600 common shares for $11 a share. c. On November 12, the board of directors declares a $0.40 cash dividend on each outstanding preferred share. d. 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.) k View transaction list EX ces 1 Record the issuance of 600 shares of preferred stock with no par value for a price of $12 per share. e for a 2. Record the purchase of 600 previously issued common shares for a price of $11 per share. 3 Record the declaration of a $0.40 cash dividend on the shares of preferred stock outstanding. Credit 4 Record the payment of the cash dividend to the preferred. shareholders. 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 no- par preferred shares and 200,000 $2 par common shares. Outstanding shares include 42,000 preferred shares and 32,000 common shares. Recently the following transactions have taken place. a. NGS issues 600 preferred shares for $12 a share. b. NGS repurchases 600 common shares for $11 a share. c. On November 12, the board of directors declares a $0.40 cash dividend on each outstanding preferred share. d. 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.) View transaction list Journal entry worksheet 1 2 3 4 Record the issuance of 600 shares of preferred stock with no nar value for a 4 ed t a. NGS issues 600 preferred shares for $12 a share. b. NGS repurchases 600 common shares for $11 a share. c. On November 12, the board of directors declares a $0.40 cash dividend on each outstanding preferred share. d. 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.) k View transaction list EX ces 1 Record the issuance of 600 shares of preferred stock with no par value for a price of $12 per share. e for a 2. Record the purchase of 600 previously issued common shares for a price of $11 per share. 3 Record the declaration of a $0.40 cash dividend on the shares of preferred stock outstanding. Credit 4 Record the payment of the cash dividend to the preferred. shareholders.
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