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 Sheet

December $31,2022$

Contributed capital:

Preferred shares, $$2\mathrm{.}4$ cumulative, unlimited shares authorized; $23,000$ shares issued and outstanding $ $395,000$

Common shares, unlimited shares authorized; $78,000$ shares issued and outstanding $738,000$

Total contributed capital $ $1,133,000$

Retained earnings $381,000$

Total equity $ $1,514,000$

In $2023$ and $2024,$ the company had the following transactions affecting shareholders and the equity accounts:

$2023$

Jan. $1$ Sold $33,000$ common shares at $$10\mathrm{.}94$ per share.

$5$ The directors declared a total cash dividend of $$234,000$ 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. $28$ Paid the dividends declared on January $5.$

July $1$ Sold preferred shares for a total of $$157,100.$ The average issue price was $$20$ per share.

Dec. $31$ Closed the dividend accounts along with the $$577,100$ credit balance in the Income Summary account.

$2024$

Sept. $5$ The directors declared the required cash dividend on the preferred shares and a $$1\mathrm{.}7$ 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 $$543,500$ 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.