The balance sheet for Tactex Controls Inc., provincially incorporated in 2021, reported the following components of equity on December 31, 2022. Contributed capital: 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 Total contributed capital Retained earnings Total equity $ 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 Dec. 2024 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 2021.1 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. 31 Closed the dividend accounts along with the $577,400 credit balance in the Income Summary account. 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. Oct. 28 Paid the dividends declared on September 5. Dec. 31 Closed the Cash Dividends account along with the $543,800 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. 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. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Record the issuance of 36,000 common shares Note: Enter debits before credits. Date Jan 01, 2023 General Journal Debit Credit Record entry Clear entry View general journal 13 Journal entry worksheet < 1 2 3 4 5 LO 6 7 CO 8 9 10 Record the dividend declared on preferred shares and common shares. Note: Enter debits before credits. Date Jan 05, 2023 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 9 Record cash dividend paid. Note: Enter debits before credits. Date Feb 28, 2023 10 10 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 5 6 7 8 Record the issuance of preferred shares. Note: Enter debits before credits. Date Jul 01, 2023 6 10 10 General Journal Debit Credit > Record entry Clear entry View general journal Journal entry worksheet < 2 3 Record to close the dividend account. Note: Enter debits before credits. Date Dec 31, 2023 5 6 7 8 9 10 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 5 6 7 Record to close the profit to retained earnings. Note: Enter debits before credits. Date Dec 31, 2023 CO 8 10 10 6 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Record the dividend declared on preferred shares and common shares. Note: Enter debits before credits. Date Sep 05, 2024 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 4 5 6 7 9 Record cash dividend paid. Note: Enter debits before credits. Date Oct 28, 2024 10 10 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 > Record to close the cash dividends account. Note: Enter debits before credits, Date Dec 31, 2024 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 5 60 Record to close the income summary account. Note: Enter debits before credits. Date Dec 31, 2024 7 8 10 10 6 General Journal Debit Credit Record entry Clear entry View general journal 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.) Balance, January 1 TACTEX CONTROLS INC. Statement of Changes in Equity For Year Ended December 31, 2024 Preferred Shares Common Shares Retained Earnings Total Equity Balance, December 31 $ 0 S 0 $ 0 $ 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 Total contributed capital Total equity S S 0