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The balance sheet for Tactex Controls Inc., provinclally incorporated in 2021, reported the following components of equity on December 31,2022 In 2023 and 2024 , the company had the following transactions affecting sharehalders and the equity accounts: 2023 3an. 1 Sold 28 , 00e common shares at ste.44 pentuhane 5 The directors declared a total cash dividend of s229, ade payable on Feb. 2il to the Feb. 5 shareholders of reeord. Dlvidends had not been declared for the years 2021 and 2022. A11 of the preferred shares hiad been is sued ducting za21. Fob. 28 Psid the dividends dedtared ph 7 anuary if zuly 1 Sold prefereed shares for a total ofi $156,60, the averast istue pitien has 520 per thare. bec, b1 Closed the dividend aecounts dong 1 th the $526, b0e aredtf batance In the Lacome sumary. account In 2023 and 2024 , the company had the following transactions affecting shareholders and the equity accounts: 2023 Jan. 1 Sold 28,000 common shares at $10.44 per share. 5 The directors declared a total cash dividend of $229,009 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2021 and 2022 . A11 of the preferred shares had been issued during 2021. Feb. 28 Paid the dividends declared on January 5. July 1 Sold preferred shares for a total of $156,600. The average 15sue price was $20 per share. Dec. 31 Closed the dividend accounts along with the $576,600 credit balance in the Income suamary 2024 account. Sept. 5 The directors declared the required cash dividend on the preferred shares and a $1.2 per common share cash dividend payable on October 28 to the october 5 shareholders of record. Oct. 28 Paid the dividends declared on September 5 . Dec. 31 Closed the Cash D vidends account along with the $543, Goe 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 a record declared dividends. Journal entry worksheet 5 6 Record the issuance of 28,000 common shares Note: Enter debits before credits. Journal entry worksheet 6 Record the dividend declared on preferred shares and common shares. Note: Enter debits before credits. Journal entry worksheet Journal entry worksheet Record the issuance of preferred shares. Note: Enter debits before credits. Journal entry worksheet Record to close the dividend account. Note: Enter debits before credits. Journal entry worksheet Record to close the profit to retained earnings. Note: Enter debits before credits. Journal entry worksheet Record the dividend declared on preferred shares and common shares. Note: Enter debits before credits. Journal entry worksheet 1 4 Journal entry worksheet Record to close the cash dividends account. Note: Enter debits before credits. Journal entry worksheet Record to close the income summary account. Note: Enter debits before credits. 2. Prepare a statement of changes in equity for the year ended December 31,2024 . (Amounts to be deduc o minus sign.) Prepare the equity section of the company's balance sheet as of December 31,2024