In 2023 and 2024, the company had the following transations affecting shareholders and the equity accounts: 2023 Jan. 1 Sold 39,000 common shares at $11.54 per share. 5 The directors declared a total cash dividend of $240,000 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. 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 $20 per share. Dec. 31 Closed the dividend accounts along with the $577,700 credit balance in the Income Summary account. 2024 Sept. 5 The directors declared the required cash dividend on the preferred shares and a $2.3 per common share cash dividend payable on October 28 to the October 5 shareholders of record. 0ct. 28 Paid the dividends declared on September 5. Dec. 31 Closed the Cash Dividends account along with the $544,100 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 div record declared dividends. 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 heet as of December 31,2024