The balance sheet for Tactex Controls Inc., provincially incorporated in 2012, reported the following components of equity on December 31, 2013.

Tactex Controls Inc.
Equity Section of the Balance Sheet
December 31, 2013
Contributed capital:
Preferred shares, $2.1 cumulative, unlimited share authorized;29,000 shares issued and outstanding	$	401,000
Common shares, unlimited shares authorized; 84,000 shares issued and outstanding.		744,000
Total contributed capital	$	1,145,000
Retained earnings		387,000
Total equity	$	1,532,000

In 2014 and 2015, the company had the following transactions affecting shareholders and the equity accounts:

2014
Jan. 1	Sold 39,000 common shares at $11.54 per share.
5	The directors declared a total cash dividend of $240,000 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2012 and 2013. All of the preferred shares had been issued during 2012.
Feb. 28	Paid the dividends declared on January 5.
July 1	Sold preferred shares for a total of $157,000. The average issue price was $20 per share.
Dec. 31	Closed the dividend accounts along with the $577,700 credit balance in the Income Summary account.
2015
Sept.5	The directors declared the required cash dividend on the preferred shares and a $2.3 per common share cash dividend payable on Oct. 28 to the Oct. 5 shareholders of record.
Oct. 28	Paid the dividends declared on September 5.
Dec.31	Closed the Cash Dividends account along with the $544,100 credit balance in the Income Summary account.

Required:

1.	Prepare journal entries to record the transactions and closings for 2014 and 2015. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)