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 compony had the following transactions affecting shareholders and the equity accounts: 2023 Jan. 1 sold 28,000 common shares at $10.44 per share. 5 The directors declared a total cash dividend of $229, eee 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. feb, 28 Paid the dividends declared on January 5 . July 1 sold preferred shares for a total of $156,600. The average issue price was $20 per share. Dec. 31 Closed the dividend accounts along with the $576,600 credit balance in the Income sumary account. 2024 Sept. 5 The directors declared the required cash dividend on the preferred shares and a $1.2 per common share cash dividend payable on October 28 to the October 5 shareholders of record. oct. 28 Paid the dividends declared on Septeeber 5 . Dec. 31 Closed the Cash Dividends account along with the $543,ee credit balance in the Income Sumnary account. Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024 . The company uses a cash dividends account to record declared dividends. Record the issuance of 28,000 common shares Record the dividend declared on preferred shares and common shares. Record cash dividend paid. 4. Record the issuance of preferred shares. Record to close the dividend account. Record to close the profit to retained earnings. 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