The balance sheet for Tactex Controis inc, provincially 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 2an. 1 Sold 30,600 common thares at $10.64 per share. 5 The directors declared a total cash dividend of $231, eee payable on Feb. 26 to the Feb. 5 sharehelders of record. Dividends had not beth declared for the years 2021 and 2022, A11 of the prefereed sheres had been issued during 2021. Feb. 28 Paid the dividends declared on January 5. July 2 Sold preferred shares for a total of $156,800. The averase iswe peice was $22.40 per July 1 sold preferred shares for a total of $156,806. The average issue peice was $22.40 per share. Dec. 31 Closed the dividend accounts alone with the $576, 8ae eredit balance in the Incone sumar? account. 2024 5ept. 5 The directers declared the required cash dividend on the preferred shares and a 51.40 per comen share cash dividend payable on October 28 to the October 5 shareholders of record. oct. 28. Paid the dividends declared on September 5. bec. 31 Closed the Cash Oividends account along with the $543,2 e credit balance in the Incone Sumary account. Required: 1. Prepare journal entries to record the transoctions and ciosings for 2023 and 2024 The company uses a cash dividends account to record declared dividends. Journal entry worksheet 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