The balance sheet for Tactex Controls Inc., provincially incorporated in 2021, reported the following components of December 31, 2022 In 2023 and 2024 , the company had the following transactions affecting shareholders and the equity accounts: 2023 Jan. 1 Sold 20,000 common shares at $9.64 per share. 5 The directors declared a total cash dividend of $221,000 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 issued during 2021 . Feb. 28 Paid the dividends declared on January 5. July 1 Sold preferred shares for a total of $155,800. The average issue price was \$20 per share. Dec. 31 Closed the dividend aceounts along with the $575,800 credit balance in the Income Summary account. 2024 Sept. 5 The directors declared the required cash dividend on the preferred shares and a $0.4 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. Dec. 31 closed the Cash Dividends account along with the $542,200 eredit 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 div record declared dividends. Journal entry worksheet 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 20,000 common shares at $9.64 per share. 5 The directors declared a total cash dividend of $221,000 payable on peb. 28 to the Feb. 5 shareholders of record. Divldends had not been declared for the years 2021 and 2022. All of the preferred shares had been issued during 2021. Feb. 28 Pald the dividends declared on January 5. July 1 Sold preferred shares for a total of \$155,800. The average lssue price was \$20 per ghare. Dec. 31 closed the divldend accounts along with the \$575,800 credit balance in the Income Sumanary account. 2024 Sept. 5 The directors declared the required cash dividend on the preferred shares and a $0.4 per common share cash dividend payable on October 28 to the October 5 shareholders of record. Oet. 28 pald the dividends declared on September 5 . Dec. 31 closed the Cash Dividends account along with the \$542, 200 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 acco record declared dividends. 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 20,000 common shares at $9.64 per share. 5 The directors declared a total cash dividend of \$221,000 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been ded lared for the years 2021 and 2022. All of the preferred shares had been lssued durlng 2021. Feb. 28 Pald the dividends declared on January 5. July 1 Sold preferred shares for a total of $155,800. The average lsgue price was \$20 per ghare. Dec. 31 closed the divldend accounts along with the \$575,800 credit balance in the Income Summary aceount. 2024 Sept. 5 The directors dedlared the required cash dividend on the preferred shares and a \$0.4 per common share cash dividend payable on October 28 to the October 5 shareholders of record. Oet. 28 pald the dividends declared on September 5 . Dec. 31 closed the Cash Dividends account along with the \$542, 200 credit balance ln the Income summery aceount. 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. 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 20,000 common shares at \$9.64 per share. 5 The directors declared a total cash dividend of \$221,000 payable on peb. 28 to the Feb. 5 shareholders of record. Divldends had not been dediared for the years 2021 and 2022. A11 of the preferred shares had been issued during 2021. Feb. 28 Pald the dividends declared on January 5. July 1 Sold preferred shares for a total of \$155,800. The average lssue price was \$20 per share. Dec. 31 closed the dividend accounts along with the $575,800 credit balance in the Income Summery aceount. 2024 Sept. 5 The directors declared the required cash dividend on the preferred shares and a $0.4 per common share cash dividend payable on October 28 to the October 5 shareholders of record. Oet. 28 Pald the dividends declared on September 5. Dec. 31 closed the Cash Dividends account along with the \$542,200 eredit balance ln the Income Summary aceount. Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024 . The company uses a cash dividends accout record declared dividends. 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 20,000 common shares at $9.64 per share. 5 The directors dedlared a total cash dividend of \$221,000 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been dedlared for the years 2021 and 2022. All of the preferred shares had been issued during 2021. Feb. 28 pald the dividends declared on January 5. July 1 Sold preferred shares for a total of $155,800. The average lssue price was \$20 per ghare. Dec. 31 closed the dividend accounts along with the $575,800 credit balance in the Income 2024 Summary aceount. Sept. 5 The directors declared the required cash dividend on the preferred shares and a $0.4 per common share cash dividend payable on October 28 to the October 5 shareholders of record. oet. 28 pald the dividends declared on September 5. Dec. 31 closed the cash Dividends account along with the \$542,200 eredit balance ln the Income summery aceount. 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. 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 20,000 common shares at $9.64 per share. 5 The directors dedlared a total cash dividend of \$221,000 payable on Feb. 28 to the Feb. 5 shareholders of record. Divldends had not been declared for the years 2021 and 2022. All of the preferred shares had been lssued during 2021. Feb. 28 Pald the dividends declared on January 5. July 1 Sold preferred shares for a total of \$155,800. The average lssue price was \$20 per ghare. Dec. 31 closed the dividend aceounts along with the \$575,800 credit balance in the Income Sumarty aceount. 2024 Sept. 5 The directors declared the required cash dividend on the preferred shares and a $0.4 per common share cash dividend payable on October 28 to the October 5 shareholders of record. Oet. 28 pald the dividends declared on september 5 . Dec. 31 closed the Cash Dividends account along with the \$542,200 eredit balanee ln the Income summery aceount. 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. The balance sheet for Tactex Controls Inc., provincially incorporated in 2021 , reported the following components of equity on December 31, 2022. n 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts: 2023 Jan. 1 Sold 20,000 common shares at $9.64 per share. 5 The directors declared a total cash dividend of $221,000 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 pald the dividends declared on January 5. July 1 Sold preferred shares for a total of $155,800. The average issue price was \$20 per share. Dec. 31 closed the dividend accounts along with the $575,800 credit balance in the Income Summary account. 2024 Sept. 5 The directors declared the required cash dividend on the preferred shares and a $0.4 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. Dee. 31 closed the Cash Dividends account along with the $542,200 eredit balance in the Income Summary aceount. Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024 . The company uses a cash dividends acc ecord declared dividends. Inirnal antry whrkshant Note: Enter debits before credits. 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 20,000 common shares at $9.64 per share. 5 The directors declared a total cash dividend of $221,000 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been dediared for the years 2021 and 2022. Al1 of the preferred shares had been lssued during 2021. Feb. 28 Pald the dividends declared on January 5. July 1 Sold preferred shares for a total of $155,800. The average lssue price was \$20 per share. Dec. 31 closed the dividend aceounts along with the $575,800 credit balance in the Income Summary aceount. 2024 Sept. 5 The directors declared the required cash dividend on the preferred shares and a $0.4 per common share cash dividend payable on october 28 to the october 5 shareholders of record. Oet. 28 Pald the dividends declared on september 5 . Dec. 31 closed the Cash Dividends account along with the \$542,200 eredit 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 accou record declared dividends. 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 20,000 common shares at $9.64 per share. 5 The directors declared a total cash dividend of \$221,000 payable on Feb. 28 to the Peb. 5 shareholders of record. Dividends had not been dedlared for the years 2021 and 2022. All of the preferred shares had been lssued during 2021. Feb. 28 Pald the dividends declared on January 5. July 1 Sold preferred shares for a total of $155,800. The average lsgue price was \$20 per share. Dec. 31 closed the dividend aceounts along with the \$575,800 credit balance in the Income Sumary aceount. 2024 Sept. 5 The directors declared the required cash dividend on the preferred shares and a $0.4 per common share cash dividend payable on October 28 to the october 5 shareholders of record. Oet. 28 Pald the dividends declared on September 5. Dec. 31 closed the Cash Dividends account along with the \$542,200 eredit balance ln the Income Summary aceount. Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024 . The company uses a cash dividends accou record declared dividends. 2. Prepare a statement of changes in equity for the year ended December 31, 2024. (Amounts to be deducted should be indicated by minus sign.) 3. Prepare the equity section of the company's balance sheet as of December 31, 2024