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

$2923$

Jan. $1$ Sold $31,080$ common shares at $$18\mathrm{.}74$ per share.

$5$ The directors declared a total cash dividend of $$232,000$ payable on Feb. $28$ to the Feb. $5$

shareholders of record. Dividends had not been declared for the years $2021$ and $2822.$ All

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 $$156,990.$ The average issue price was $$28$ per share.

Dec. $31$ Closed the dividend accounts along with the $$576,908$ credit balance in the Income Sumary

account.

$2824$

Sept. $5$ The directors declared the required cash dividend on the preferred shares and a $$1\mathrm{.}5$ per

common share cash dividend payable on October $28$ to the October $5$ shareholderc of record.

Oct. $28$ Paid the dividends declared on September $5.$

Dec. $31$ Closed the Cash Dividends account along with the $$543,300$ credit balance in the Incone

Summary 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.