The balance sheet for Tactex Controls Inc, provincially incorporated in 2021 , reported the following components of equit December 31, 2022 In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts: Jan. 1 Sold 46,900 common shares at $11.64 per share. 5 The directors declared a total cash dividend of $241,600 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2021 and 2022 . Al1. 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 $157,860. The average issue price was $20 per share. Dec. 31 closed the dividend accounts along with the $577,890 credit balance in the Income summary account. Sept. 5 The directors declared the required cash dividend on the preferred shares and a $2.4 per common share cash dividend payable on October 28 to the october 5 shareholders of record. Oet. 28 Paid the dividends declared on September 5. oct. 28 paid the dividends declared on septeaber 3. Dec. 31 Closed the Cosh Dividends account along with the $544,200 credit bolante in the Incone Sumary acrount. Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024 . The company uses a cash dividends acrount to record declared dividends. Nete: Entel debits before credith. Journal entry worksheet Record the issuance of 40,000 common shares Note: Enter debits before credits. 2. Prepare a statement of changes in equity for the year ended Deceinber 31, 2024. (Amounts to be dediucted should be indicated b: a minus sign.) 3. Prepare the equity section of the company's balance sheet as of December 31, 2024. The balance sheet for Tactex Controls Inc., provincially incorporated in 2021, reported the following components of equity December 31,2022 In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts: 2023 Jan. 1 Sold 40,000 common shares at \$11.64 per share. 5. The directors declared a total cash dividend of $241,000 payable on feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2021 and 2022. 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 total of $157,300. The average lssue pelce was $20 per share. Dec. 31 Closed the dividend accounts along with the 5577 , bee credit balance in the income sumary account. common share cash dividend payable on 0ctaber 20 to the october 5 shareholders of record. Oct. 28 paid the dividends declared on September 5. oct. 28 Paid the dividends declared on September 5. Dec. 31 Closed the Cash Dividends account along with the $544,269 credit balance in the Income Summary account. Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024 . The company uses a cash dividends accoun record declared dividends. Journal entry worksheet Journal entry worksheet 5 6 Note: tnter debits before credits. 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