Anwer all and please double check for $5$ stars. The balance sheet for Tactex Controls Inc., provincially incorporated in $2021,$ reported the following components of equity on

December $31,2022.$

In $2023$ and $2024,$ the company had the following transactions affecting shareholders and the equity accounts:

$2023$

Jan. $1$ Sold $25,080$ common shares at $$10\mathrm{.}14$ per share.

The directors declared a total cash dividend of $$226,000$ payable on Feb. $28$ to

the Feb. $5$ shareholders of record. Dividends had not been declared for the years

D$.2821$ and $2022.$ All of the preferred shares had been issued during $2021.$

Dec. $31$ per share.

$2024$ Summary account.

Sept. $5$ The directors declared the required cash dividend on the preferred shares and a

$$0\mathrm{.}9$ 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 Dividends account along with the $$542,700$ credit balance in the

Income Sumnary account.

Required:

Prepare journal entries to record the transactions and closings for $2023$ and $2024.$ The company uses a cash dividends account to

record declared dividends.

Journal entry worksheet

Record the issuance of $25,000$ common shares

Note: Enter debits before credits.

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.$)$

Prepare the equity section of the company's balance sheet as of December $31,2024.$