The balance sheet for Tactex Controls 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 37,000 common shares at $11.34 per share. 5 The directors declared a total cash dividend of $238, e00 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 hod been issued during 2021. Feb. 28. Paid the dividends declared on January 5. July. 1 sold preferred shares for a total of $157,500. The average issue price was $20 per share. Dec. 31 Closed the dividend accounts along with the $577,500 credit balance in the Income sumary 2024 account. sept. 5 The directors declared the required cash dividend on the preferred shares and a $2.1 per comnon share cash dividend payable on October 28 to the October 5 shareholders of record. oct. 28 pald the dividends declared on september 5 . Dec. 31 Closed the Cash Dividends account along with the $543,900 credit balance in the Income sumrary 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. Required: 1. Prepare journal entries to record the transections and closings for 2023 and 2024 . The company uses a cash dividends account to record declared dividends Journal entry worksheet 3. Prepare the equity section of the company's balance sheet as of December 31,2024