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: 2023 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 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 $157,000, The average issue price was $20 per share, Dec. 31 closed the dividend accounts along with the $577,700 credit balance in the Income Sumary 2024 account. Sept. 5 The directors declared the required cash dividend on the preferred shares and a $2.3 per comon share cash dividend payable on October 28 to the October 5 shareholders of record. 0ct. 28 Paid the dividends declared on September 5. Dec. 31 closed the Cash Dividends account along with the $544,100 credit balance in the Incoue sumenary account. Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024 . The company uses a cash dividends acco record declared dividends record declared dividends: \begin{tabular}{|c|c|c|c|c|} \hline No & Date & General Journal & Debit & Credit \\ \hline \multirow[t]{2}{*}{1} & Jan01,2023 & Cash & 449,460 & \\ \hline & & Common shares & & 44,960 \\ \hline & & & = & \\ \hline \multirow[t]{3}{*}{2} & Jan 05,2023 & Retained earnings & 240,000 & \\ \hline & & Cash dividends & & 240,000 \\ \hline & & & & \\ \hline & & & & +2 \\ \hline \multirow[t]{4}{*}{3} & Feb 28,2023 & Cash dividends & 240,000 & \\ \hline & & & +2 & 240,000 \\ \hline & & & 8 & \\ \hline & & & & \\ \hline \multirow[t]{3}{*}{4} & Jul 01,2023 & Cash & 157,000 & \\ \hline & & Preferred shares & & 157,000 \\ \hline & & & & \\ \hline 5 & Dec 31,2023 & Income summary & 577,700 & \\ \hline \multirow[t]{2}{*}{. } & & Retained earnings & & 577,700x \\ \hline & & 1 & & \\ \hline \multirow[t]{3}{*}{6} & Dec 31, 2023 & Income summary & 544,100 & \\ \hline & & Retained earnings & & 544,100 \\ \hline & & & & \\ \hline \multirow[t]{4}{*}{7} & Sep 05, 2024 & Retained earnings & 193,200 & \\ \hline & & Cash dividends & & 193,200 \\ \hline & e2 & & & x \\ \hline & & & & \\ \hline \multirow[t]{2}{*}{8} & Oct28,2024 & Cash dividends & 193,200 & 278 \\ \hline & +2 & Cash & x & 193200 \\ \hline \end{tabular} Fed text indicates no response was expected in a celi or a fermula-based calculation is incorrect; no points deducted
