The balance sheet for Tactex Controls Inc, provincially incorporated in 2018, reported the following components of equity on Yacte Controls Inc Equity Section of the Balance Sheet December 31, 2019 Contributed capitals Preferred shares, $2.7 cumulative, unlimited res authorized 26,000 shares issued and outstanding Common shares, unlimited shores authorized; 11,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $ 390,000 741.000 11.119.000 184.000 $1.523.000 In 2020 and 2021, the company had the following transactions affecting shareholders and the equity accounts 2020 1 Sold 36,000 con shares at 311.24 per share The directors declared total cash dividend of $337,000 payable on Yob 23 to the res shareholders of record. Dividends has not been declared for the year 2018 and 2015. A11 of the preferred she had been twed during 2018 Feb. 28 Paid the dividends declared on January 5. July 1 Sold preferred shares for a total of 5557,00. The verage leve price 530 per share Dec 31 Closed the dividend accounts along with the $577,4 credit balance in the commary account 2021 5. The directors declared the required cash dividend the preferred con share cash dividend payable on October 2 to the other areas of cod Oct 20 Paid the dividends declared on Sets $9,00 Equity Section of the lance sheet December 31, 2019 Contributed capitali Preferred shares, 52.7 cmlative, unlimited shares authorized 26,000 shares issued and outstanding Common shares, unlimited shares authorized: 81,000 shares inued and outstanding Total contributed capital Retained earnings Total equity 741.00 $1,139,000 384, $1,533.000 in 2020 and 2021, the company had the following transactions affecting shareholders and the equity accounts: 2020 Jan 1 Sold 36,000 common shares at $11.24 per share 5 The directors declared a total cash dividend of $237,000 payable on Feb. 3 to the Feb. shareholders of record. Dividends had not been declared for the years 2018 and 2019. All of the preferred shares had been issued during 2018 Feb 28 Paid the dividends declared on January 5 July 1 Sold preferred shares for a total of $157,400. The average Issue price $20 per share. Dec 31 Closed he dividend accounts along with the 5577.400 credit balance in the Income Summary account. 2021 Sept. 5 The directors declared the required cash dividend on the preferred share and a $2.0 per common share cash dividend payable on October 28 to the October 5 shareholders of record Oct. 25 Paid the dividends declared on September 5. Dec. 31 Closed the Cash Dividends account along with the $543,000 credit balance in the income Summary account Required: 1. Prepare journal entries to record the transactions and closings for 2020 and 2021 The company uses a cash dividends account to record declared dividends