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, $1.5 cumulative, unlimited shares authorized; 14,000 shares issued and outstanding Common shares, unlimited shares authorized; 69,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $ 386,000 729,000 $1,115,000 372,000 $1,487,000 In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts: 2023 Jan. Feb. July Dec. 1 Sold 24,000 common shares at $10.04 per share. 5 The directors declared a total cash dividend of $225,000 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 $156, 200. The average issue price was $25 per share. 31 Closed the dividend accounts along with the $576,200 credit balance in the Income Summary account. 2024 Sept. 5 The directors declared the required cash dividend on the preferred shares and a 50.8 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 $542,600 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 9 10 Record the issuance of 24,000 common shares Note: Enter debits before credits. Date Jan 01, 2023 General Journal Debit Credit 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 dividend declared on preferred shares and common shares. Note: Enter debits before credits. Date Jan 05, 2023 General Journal Debit Credit 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 Record cash dividend paid. Note: Enter debits before credits. Date Feb 28, 2023 4 5 6 8 9 10 General Journal Dobit Credit 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 5 6 7 8 9 10 Record the issuance of preferred shares. Note: Enter debits before credits. Date Jul 01, 2023 General Journal Debit Credit 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 6 7 8 9 10 Record to close the dividend account. Note: Enter debits before credits. Date Dec 31, 2023 General Journal Debit Credit 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 7 8 9 10 Record to close the profit to retained earnings. Note: Enter debits before credits. Date Dec 31, 2023 General Journal Debit Credit 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 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 uired: 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 9 10 Record cash dividend paid. Note: Enter debits before credits. Date Oct 28, 2024 General Journal Debit Credit 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 3 4 5 6 7 8 10 Record to close the cash dividends account. Note: Enter debits before credits. Date Dec 31, 2024 General Journal. Debit Credit 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 JAD Record to close the income summary account. Note: Enter debits before credits. Date Dec 31, 2024 General Journal Debit Credit