The balance sheet for Tactex Controls Inc, provincially incorporated in 2021, reported the following components of equity on December 31.2022 In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts: 2021 Jan, i sold 40,000 comon shaces at 511 . 64 per ohyre. of the pecferred thares had been liswed durlins zozt. ascount; 2024 Oct, at Fald the divideads declared on Septiaber 5 . Sumery ascount, Required: Required: 1. Prepare journal entries to record the transactions and closinge for 2023 and 2024 The company uses a cash dividends accour record declared dividerids 2 Record the dividend declared on preferred shares and common shares. 3 Record cash dividend paid. 4 Record the issuance of preferred shares. 5 Record to close the dividend account. 6 Record to close the profit to retained earnings. 7 Record the dividend declared on preferred shares and common shares. 8 Record cash dividend paid. Note : O= journal entry has been entered 2. Prepare a statement of changes in equity for the year ended December 31,2024 (Amounts to be deducted should be indicored by a minus sign.) 3. Prepare the equity section of the compary/5 balance sheet as of Decembet 31,2024