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 Jan. 1 Sold 32,000 eommon wharen at $10.84 per nhare. 5 The directors declared a total cash dividend of $233,000 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 isgued during 2021. Feb. 28 paid the dividends declared on January 5 . July 1 sold preferred shares for a total of $157,000. The average isaue price was $25 per share. Dec. 31 closed the dividend accounts along with the $577,000 eredit balance in the Incoeve sumnary account. 2024 sept. 5 The directors deolared the required eash dividend on the preferred ahares and a $1.6 per common share cash dividend payable on oetober 28 to the ogtober 5 shareholders of record. oct. 28 Pasd the dividends deolared on septenber 5. Dec. 31 closed the Cash Dividenda account along with the 5543,400 eredit balanee in the Ineone Summary account. Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024 . The company uses a cash dividends acco record declared dividends