2. Prepare a statement of changes in equity for the year ended December 31, 2024. (Amounts to be deducted should be Indicated by a minus sign.) Balance, January 1 Profit Dividends TACTEX CONTROLS INC. Statement of Changes in Equity For Year Ended December 31, 2024 Preferred Shares Common Shares Retained Earnings Total Equity Balance, December 31 $ 0 S 0 $ 0 $ 0 3. Prepare the equity section of the company's balance sheet as of December 31, 2024. TACTEX CONTROLS INC. Equity Section of the Balance Sheet December 31, 2024 Contributed Capital: Preferred shares, $2.3 cumulative, unlimited shares authorized, 28,280 shares issued and outstanding Common shares, unlimited shares authorized 109,000 shares issued and outstanding Total contributed capital Total equity Journal entry worksheet 1 2 3 4 5 6 LO $ 0 $ 0 7 8 9 10 > Record the dividend declared on preferred shares and common shares. Note: Enter debits before credits. Date General Journal Debit Credit Jan 05, 2023 Cash dividends 233,000 Preferred dividend payable 28,600 Common dividend payable 123,200 Record entry Clear entry View general journal Journal entry worksheet < 2 3 4 5 6 7 8 9 10 > Record the dividend declared on preferred shares and common shares. Note: Enter debits before credits. Date General Journal Debit Credit Sep 05, 2024 Cash dividends 151,800 Preferred dividend payable Common dividend payable 28,600 123,200 Record entry Clear entry View general journal The balance sheet for Tactex Controls Inc., provincially incorporated in 2021, reported the following components of equity on December 31, 2022. Contributed capital: Tactex Controls Inc. Equity Section of the Balance Sheet December 31, 2022 Preferred shares, $2.3 cumulative, unlimited shares authorized; 22,000 shares issued and outstanding Common shares, unlimited shares authorized; 77,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $ 394,000 737,000 $1,131,000 380,000 $1,511,000 In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts: 2023 Jan. Feb. 1 Sold 32,000 common shares at $10.84 per share. 5 The directors declared a total cash dividend of $233,000 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2021 and 2022. All of the preferred shares had been issued during 2021. 28 Paid the dividends declared on January 5. July 1 Sold preferred shares for a total of $157,000. The average issue price was $25 per share. Dec. 2024 Sept. Oct. Dec. 31 Closed the dividend accounts along with the $577,000 credit balance in the Income Summary account. 5 The directors declared the required cash dividend on the preferred shares and a $1.6 per common share cash dividend payable on October 28 to the October 5 shareholders of record. 28 Paid the dividends declared on September 5. 31 Closed the Cash Dividends account along with the $543,400 credit balance in the Income Summary account. Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024. The company uses a cash dividends account to record declared dividends.