d The balance sheet for Tactex Controls Inc., provincially incorporated in 2021, reported the following components of equity on December 31, 2022. Contributed capital: 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 2023 In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts: Jan. Tactex Controls Inc. Equity Section of the Balance Sheet December 31, 2022 Feb. July Dec. 2024 $ 394,000 737,000 $1,131,000 380,000 $1,511,000 Sept. 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. 1 Sold preferred shares for a total of $157,000. The average issue price was $25 per share. 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. Oct. Dec. 31 Closed the Cash Dividends account along with the $543,400 credit balance in the Income Summary account. previous 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.

The balance sheet for Tactex Controls Inc, provincially incorporated in 2021, reported the following components of equily on December 31,2022. In 2023 and 2024, the company had the following transactions affecting shareholders and the equily accounts: 2023 Jan. I, Sold 32,000 comnon shares at $10.84 per share. 5 The directors declared a total cash dividend of $233,000 payable on Fab. 28 to the feb. 5 shareholders of record. Dividends had not been declared for the years 2021 and 2022. A12 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 $157,000, The average issue price was $25 per share. Dec. 31 closed the dividend accounts along with the $577,000 credit balance in the Incone 5umary account. 2024 5ept. 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. Oct, 28 Paid the dividends declared on September 5. Dec. 31 Closed the Cash Dividends account along with the $543,460 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. \begin{tabular}{|c|c|c|c|c|c|} \hline No & Date & Gene & & Debit & Credit \\ \hline \multirow[t]{2}{*}{1} & Jan01,2023 & Cash & 0 & 346,8800 & \\ \hline & & Common shates & 0 & & 346.880 \\ \hline \multirow[t]{3}{*}{2} & Jan05,2023 & Cash dividends & 0 & 233,000 & \\ \hline & & Preferred dividend payable & 0 & & 151,8000 \\ \hline & & Common dividend payable & 0 & 3 & 81,2000 \\ \hline & & & & & \\ \hline \multirow[t]{3}{*}{3} & Feb 28,2023 & Preforred dividend payablo & 0 & 151,8000 & \\ \hline & & Common dividend payable & 0 & 81,2000 & \\ \hline & & Cash & 0 & & 233,0000 \\ \hline \multirow[t]{2}{*}{4} & Jul 01,2023 & Cash & 0 & 157,000 & \\ \hline & & Preferred shares & 0 & x1 & 157,0000 \\ \hline & , & & & & \\ \hline \multirow[t]{2}{*}{5} & Dec 31,2023 & Retained earnings & 0 & 233,0000 & \\ \hline & & Cash dividends & 0 & & 233,000 \\ \hline \multirow[t]{2}{*}{6} & Dec 31,2023 & Rotuned earnings & & 233,000 & \\ \hline & & Cash dividends & & & 233,000 \\ \hline & & & & & \\ \hline \multirow[t]{3}{*}{7} & Sep 05, 2024 & Cash dividends & 0 & 239,4440 & \\ \hline & & Common dividend payable & 0 & & 174,4000 \\ \hline & & Pieferred dividend payable & 0 & & 65,0440 \\ \hline & & & & & \\ \hline 8. & Oct 28, 2024 & Common dividend payable & 0 & 239,444 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline \multirow[t]{2}{*}{6} & Dec 31,2023 & Retained earnings & & 233,000 & \\ \hline & & Cash dividends & & & 233,000 \\ \hline & & & & & \\ \hline \multirow[t]{4}{*}{7} & Sep 05,2024 & Cash dividends & 0 & 239,4440 & \\ \hline & & Common dividend payablo & 0 & & 174,4000 \\ \hline & & Preferred dividend payable & 0 & & 65,0440 \\ \hline & & & & & \\ \hline \multirow[t]{4}{*}{8} & Oct 28,2024 & Common dividend payable & 0 & 239,444 & \\ \hline & & Cash & & & 239,444 \\ \hline & & & & & \\ \hline & & & & & \\ \hline \multirow[t]{2}{*}{9} & Dec 31,2024 & Income summary & & 543,400 & \\ \hline & & Retained earnings & & & 543,400 \\ \hline \multirow[t]{2}{*}{10 . } & Dec 31, 2024 & Retained earnings & & 239,444 & \\ \hline & & Cash dividends & & & 239,444 \\ \hline \end{tabular} 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.) 3. Prepare the equity section of the company's balance sheet as of December 31,2024