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The balance sheet for Tactex Controls inc, provinctally incorporated in 2021, reported the following components of equity on December 31,2022 In 2023 and 2024 , the company had the following transactions affecting shareholders and the equity accounts: 2023 3an. 1 Sold 35,0e0 connon shares at $11,14 per share. 5 The directors declared a total cash dividend of $236,0e9 payable on feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2021 and 2e22. A11. 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 tota1 of $157,300. The average issue price was s2e per share. Dec. 31 closed the dividend accounts along with the \$57,, 36e credit balance in the Incone susmary account. 2024 Sept. 5. The directors declared the required cash dividend on the preferred shares and a sa.? per cotton share cash dividend payable on October 28 to the oetober 5 shareholders of record. oct. 28 paid the dividends declared on septerber 5. Sept. 5. The directors declared the required cash dividend on the preferred shares and a 31.9 per common share cash dividend payable on October 28 to the October 5 shareholders af record. Oct. 28 Paid the dividends deciared on Septenber 5. Dec. 31 Closed the Cash oividends account along with the $543,760 credit balance in the Incore Requlred: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024 . The compary uses a cash dividends account to 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 sheet as of December 31, 2024