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, $1.9 cumulative, unlimited shares authorized;

18,000 shares issued and outstanding 390,000

Common shares, unlimited shares authorized; 73,000 shares issued and outstanding 733,000

Total contributed capital 1123000

Retained earnings 376000

Total equity 1499000

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

2023

Jan 1 Sold 28,000 common shares at $10.44 per share.

Feb 5 The directors declared a total cash dividend of $229,000 payable on Feb. 28 to the Feb. 5shareholders 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 $156,600.The average issue price was $20 per share.

Dec 31 Closed the dividend accounts along with the $576,600 credit balance in the Income Summary account.

2024

Sep 5 The directors declared the required cash dividend on the preferred shares and a $1.2 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 $543,000 credit balance in the IncomeSummary account.

Prepare journal entries for

Recording issuance of 28000 common shares

Dividend declared on preference and common shares

Cash dividend paid

Issuance of preferred shares

Close dividend acc

Close profit to retained earnings

Dividend declared on preferred shares and common shares

Cash dividend paid

Record to close the cash dividend acc

Close income summary account

Also prepare a statement of changes in equity for year ended dec 31,2024

Amounts to be deducted should be indicated by a minus sign

3 prepare a equity section of company balance sheet as of December 31, 2024