Saved Help Save & Exit Submit 4 The balance sheet for Tactex Controls Inc., provincially incorporated in 2021, reported the following components of equity on December 31, 2022. Contributed capital: Tactex Controls Inc. Equity Section of the Balance Sheet December 31, 2022 Preferred shares, $1.4 cumulative, unlimited shares authorized; 13,000 shares issued and outstanding Common shares, unlimited shares authorized; 68,000 shares issued and outstanding Retained earnings 320:31 Total contributed capital Total equity int $385,000 728,000 $1,113,000 371,000 $1,484,000 In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts: 2023 Jan. Feb. 28 1 Sold 23,000 common shares at $9.94 per share. 5 The directors declared a 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 - 2021 and 2022. All of the preferred shares had been issued during 2021. Paid the dividends declared on January 5. July 1 Dec. 31 2024 Sold preferred shares for a total of $156,100. The average issue price was $28 per share. Closed the dividend accounts along with the $576,100 credit balance in the Income Summary account. Sept. 5 The directors declared the required cash dividend on the preferred shares and a $0.7 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 $542,500 credit balance in the Incone Summary account. Roquirart VIEW TERESCTION HIST view parnar entry worksheet No Date 1 Jan 01, 2023 Cash Genaral Journal Debit 228,620 Credit Common shares 228.620 7 2 Jan 05, 2023 Cash dividends Preferred dividend payable Common dividend payable 224,000 54,600 169,400 14 3 Feb 28, 2023 Preferred dividend payable 54,600 Common dividend payable 169,400 Cash 224,000 4 Jul 01, 2023 Cash Preferred shares 5 Dec 31, 2023 Retained earnings Cash dividends N N IN 6 Dec 31, 2023 Income summary Retained earnings 7 Sep 05, 2024 Cash dividends Preferred dividend payable Common dividend payable B Oct 28, 2024 Preferred dividend cavable S 156,100 156,100 224.000 224,000 576,100 576,100 Submit 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.) TACTEX CONTROLS INC. Statement of Changes in Equity For Year Ended December 31, 2024 Preferred Shares Common Shares Retained Earnings Total Equity Balance, January 1 Profit Dividends Balance, December 31 0 $ 0 $ 0 $ 0 0:49 3. Prepare the equity section of the company's balance sheet as of December 31, 2024. TACTEX CONTROLS INC. Equity Section of the Balance Sheet December 31, 2024 Contributed Capital: Preferred shares, $1.4 cumulative, unlimited shares authorized, 20,805 shares issued and outstanding Common shares, unlimited shares authorized 91,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $ 0 $ O