The equity accounts for Kalimantan Corp. showed the following balances on December 31, 2022:

The company completed these transactions during 2023:

Required
1. Prepare general journal entries to record the transactions and closings for 2023.
2. Prepare the statement of changes in equity for the year ended December 31, 2023.

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$ -0- Preferred shares, $2 non-cumulative, unlimited shares authorized Common shares, unlimited shares authorized, 100,000 shares issued and outstanding 640,000 Retained earnings 864,000