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The balance sheet for Tactex Controls Inc. provincially incorporated in 2018, reported the following components of equity on December 31, 2019 acte controls Inc Equity section of the Balance Sheet December 31, 2019 Contributed capital: Preferred shares, 11 4 cumulative, unlimited shares authorized 13,000 shares issued and outstanding Common shares, unlimited shares authorized: 68,000 shares issued and outstanding Total contributed capital Retained earnings Total equity 385,000 728, dee 51, 113,000 371,000 $1,434,000 In 2020 and 2021, the company had the following transactions affecting shareholders and the equity accounts 2020 Jan. 1 Sold 23,000 common shares at $9.94 per share. 5 The directors declared total cash dividend of $224,000 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2018 and 2019. All of the preferred shares had been issued during 2015 Feb. 28 Paid the dividends declared on January 5. July 1 Sold preferred shares for a total of $256,100. The average issue price was $2e per share. Dec. 31 closed the dividend accounts along with the $576,100 credit balance in the Income Summary account 2021 Sept. 5 The directors declared the required cash dividend on the preferred shares and a $0.7 per comon share cash dividend payable on October 28 to the October 5 shareholders of record, Oct. 28 Paid the dividends declared on September 5. 31 Closed the Cash Dividends account along with the $542.500 credit balance in the Income Summary account Dec Required: 1. Prepare oumal entries to record the transactions and closings for 2020 and 2021. The company uses a cash dividends account to record declared dividends View transactionist Journal entry worksheet 4 5 6 7 D 10 > Record the issuance of 23,000 common shares NoteEbbe Date Jan 01, 2020 General Journal Dahil Credit Record entry Clear entry View general Journal 2. Prepare a statement of changes in equity for the year ended December 31, 2021 (Amounts to be deducted should be indicated by a minus sign.) TACTEX CONTROLS INC Statement of Changes in Enully For Year Ended December 31, 2021 Preferred Gommon Shares Shares Retained Earning Total Equity Balance, January 1 Balance, December 31 5 05 0 $ 03 0 3. Prepare the equity section of the company's balance sheet as of December 31, 2021 TACTEX CONTROLS INC Equity Section of the Balance Sheet December 31, 2021 Contributed Capital Total contributed capital $ Total equily 3 0