In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts 2923 Jan. 1 Sold 21,000 common shares at $9.74 per share. 5 The directors declared a total cash dividend of $222,069 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 . Feb. 28 Paid the dividends declared on January 5. July 1 sold preferred shares for a total of $155,900. The average issue price was $20 per share. Dec. 31 Closed the dividend accounts along with the 5575,900 credit balance in the Incoee Suanary account, 2924 Sept. 5 The directors declared the required cash dividend on the preferred shares and a so, 5 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 $542,360 credit balance in the Incoae Sumnary account. Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024 . The company uses a cast record declared dividends