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CHECK FIGURES: 2. Retained earnings, Dec. 31,2023=$754,500;3. Equity, Dec. 31,2023=$4,345,500 Pace Oil & Gas Corp, began operations in 2021. Its balance shcet reported the following

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CHECK FIGURES: 2. Retained earnings, Dec. 31,2023=$754,500;3. Equity, Dec. 31,2023=$4,345,500 Pace Oil \& Gas Corp, began operations in 2021. Its balance shcet reported the following components of equity on December 31,2021 . 2022 Jan. 1 Sold 50,000 common shares at $11,40 per share. 5. The directors declared the first cash dividend totalling $191,250 payable on Feb. 28 to the Feb. 5 shareholders of record. Feb. 28 Paid the dividends declared on January 5. July 1 Issued preferred shares for a total of $486.000. The average issue price was $32.40 per share. Dec. 31 Closed the dividend accounts along with the Income Summary account, which reflected profit earned during 2022 of 5768.000. 2023 Sept. 5 The directors declared a $1.80 cash dividend per preferred share and a $0.90 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 dividend accounts along with the $240.000 debit bilance in the Income Summary account. Required 1. Prepare journal entries to record the transactions and closings for 2022 and 2023. 2. Prepare the statement of changes in equity for the year ended December 31, 2023. 3. Prepare the equity section of the company's balance sheet as of December 31,2023

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