In-O-Vate Corporation has been in business for 10 years and prepares its reports using IFS. On the first day of Its fiscal year (January 1, 2023) they had 1,200,000 issued common shares at $3,648,200. Contributed surplus-reacquisition of common shares was $14,800. Retained earnings amounted to $705,000. Accumulated other comprehensive loss was $449,000. In-O-Vate has a tax rate of 30%. During the year the Tollowing transactions related to shares occurred: May 15 Sept. 16 Dec. 15 Dec. 31 in-O-vate purchased equipment in exchange for 100,000 common shares with a market value of $3.15 per share. The fair value of the equipment was $251,800. In-O-Vate, reacquired 40,000 common shares for $138,000 cash. In-O-Vate's board of directors declared a 10% stock dividend to the common shareholders of record on December 30, distributable January 20, 2024. The market price of the common shares at December 15, was $4.00 per share. Determined that for 2023, profit before income tax was $1,450,000 and other comprehensive income, net of income tax expense of $30,000 was $70,000. REQUIRED: 1. Journalize the 2023 transactions and the entries to close the Income Summary account, dividends, and other comprehensive income. 2. On the next page, Prepare the Statement of Changes in Shareholders' Equity for the year ended, December 31, 2023.