The balance sheet for Tactex Contrals inc., provincially incorporated in 2021, reported the following comt December 31, 2022 . In 2023 and 2024, the company had the following transactions affecting shareholders and the equity ac 2023 shareholdens of necord. Dividends had hot bech decilared for the years 2021 and 2022. All July 1 sold preferred shares for a total of 196,400 . The average issue price was $20 per share. Dec. 31 closed the dividend accounts along with the \$576, 408 credit balance in the Income sumnary account. 2024 Sept. 5 The directons declared the requined ctsh dividend on the preferred shares and a $1.0 per common share cash dividend payable on October 28 to the October 5 shareholders of necord. Oct. 28 Paid the dividends declared on september 5. Dec. 31 closed the Cash Dividends account aldig with the $542,890 credit balance in the Incone Sumary account. Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024 . The company us record declared dividends. 2. Prepare a statement of changes in equity for the year ended December 31,2024 . (Amounts to be deducted sho a minus sign.) 3. Prepare the equity section of the company's balance sheet as of December 31, 2024