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 SheetDecember $31,2022$Contributed capital:Preferred shares, $$1\mathrm{.}7$ cumulative, unlimited shares authorized; $16,000$ shares issued and outstanding$$388,000$ Common shares, unlimited shares authorized; $71,000$ shares issued and outstanding $731,000$ Total contributed capital$$1,119,000$ Retained earnings $374,000$ Total equity$$1,493,000$ In $2023$ and $2024,$ the company had the following transactions affecting shareholders and the equity accounts: $2023$ Jan$\mathrm{.}1$ Sold $26,000$ common shares at $$10\mathrm{.}24$ per share. $5$ The directors declared a total cash dividend of $$227,000$ 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$\mathrm{.}28$ Paid the dividends declared on January $5.$July$1$ Sold preferred shares for a total of $$156,400.$ The average issue price was $$20$ per share.Dec$\mathrm{.}31$ Closed the dividend accounts along with the $$576,400$ credit balance in the Income Summary account$\mathrm{.}2024$ Sept$\mathrm{.}5$ The directors declared the required cash dividend on the preferred shares and a $$1\mathrm{.}0$ per common share cash dividend payable on October $28$ to the October $5$ shareholders of record.Oct$\mathrm{.}28$ Paid the dividends declared on September $5.$Dec$\mathrm{.}31$ Closed the Cash Dividends account along with the $$542,800$ 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$\mathrm{.}2.$ 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.$)3.$ Prepare the equity section of the companys balance sheet as of December $31,2024.$