The balance sheet for Tactex Controls Inc., provincially incorporated in $2021,$ reported the following components of equity on December $31,2022.$

Tactex Controls Inc.

Equity Section of the Balance Sheet

December $31,2022$

Contributed capital:

Preferred shares, $$1\mathrm{.}9$ cumulative, unlimited shares authorized; $18,000$ shares issued and outstanding $ $390,000$

Common shares, unlimited shares authorized; $73,000$ shares issued and outstanding $733,000$

Total contributed capital $ $1,123,000$

Retained earnings $376,000$

Total equity $ $1,499,000$

In $2023$ and $2024,$ the company had the following transactions affecting shareholders and the equity accounts:

$2023$

Jan. $1$ Sold $28,000$ common shares at $$10\mathrm{.}44$ per share.

$5$ The directors declared a total cash dividend of $$229,000$ 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. $28$ 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 Summary account.

$2024$

Sept. $5$ The directors declared the required cash dividend on the preferred shares and a $$1\mathrm{.}2$ per common share cash dividend payable on October $28$ to the October $5$ shareholders of record.

Oct. $28$ Paid the dividends declared on September $5.$

Dec. $31$ Closed the Cash Dividends account along with the $$543,000$ 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 account to record declared dividends.