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, 2622 Contributed capital: Preferred shares, $1.5 cumulative, unlimited shares authorized; 14,000 shares issued and outstanding Common shares, unlimited shares authorized; 69,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $386,000 729,000 $1,115,000 372,000 $1,487,000 In 2023 and 2024 , the company had the following transactions affecting shareholders and the equity accounts: 2023 Jan. 1 Sold 24,000 common shares at $10.04 per share. 5 The directors declared a total cash dividend of $225,000 payable on Fe

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 24,000 common shares at $10.04 per share. 5 The directors declared a total cash dividend of $225,000 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 $156,200. The average issue price was $25 per share. Dec. 31 Closed the dividend accounts along with the $576,200 credit balance in the Income summary account. 2024 sept. 5 The directors declared the required cash dividend on the preferred shares and a $0.8 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 $542,600 credit balance in the Income summary account