The balance sheet for Tactex Controls Inc., provincially Incorporated in 2021, reported the following components of equity on December 31, 2022. Contributed capital: rded Tactex Controls Inc. Equity Section of the Balance Sheet December 31, 2022 Preferred shares, $2.7 cumulative, unlimited shares authorized; 26,000 shares issued and outstanding Common shares, unlimited shares authorized; 81,000 shares issued and outstanding 5:26 Total contributed capital. d Total equity Retained earnings $ 398,000 741,000 $1,139,000 384,000 $1,523,000 In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts: 2023 Jan. Feb. July 1 Sold 36,000 common shares at $11.24 per share. 5 The directors declared a total cash dividend of $237,000 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. 28 Paid the dividends declared on January 5. 1 Sold preferred shares for a total of $157,400. The average issue price was $20 per share. Dec. 31 Closed the dividend accounts along with the $577,400 credit balance in the Income Summary account. 2024 Sept. 5 The directors declared the required cash dividend on the preferred shares and a $2.0 per common share cash dividend payable on October 28 to the October 5 shareholders of record. 20 Paid the dividends declared on September 5. Oct Dec. 31 Closed the Cash Dividends account along with the $543,800 credit balance in the Income Sunnary 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 previous at 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.) TACTEX CONTROLS INC, Statement of Changes in Equity For Year Ended December 31, 2024 Preferred Balance, January 1 Common Shares Shares 555,400 $1145,640 Retained Earnings Total Equity $ 724,400- $ 2.425,440 Profit 577,400 Dividends (237,000) Balance, December 31 $ 555,400 S 1,145,640, $ 1,064,800 577,400 (237,000) $ 2765,840 "Red text indicates no response was expected in actor formula-based tald 3. Prepare the equity section of the company's balance sheet as of December 31, 2024. TACTEX CONTROLS INC. Equity Section of the Balance Sheet December 31, 2024 Contributed Capital Preferred shares, $2.7 cumulative, unlimited shares authorized, 33,870 shares issued and outstanding Common shares, unlimited shares authorized 117,000 shares issued and outstanding $ 555,400 1,145,640 Total contributed capital Retained earnings Total equity a formus besed caluation is net ponta deducted $ 1,701,040 724,400 $2.425 440