The balance sheet for Tactex Controls Inc , provincially incorporated in 2 0 2 1 , reported the following components of equity on December 3 1 , 2 0 2 2 Tactex Controls Inc Equity Section of the Balance Sheet December 3 1 , 2 0 2 2 Contributed capital Preferred shares, $ 1 9 cumulative, unlimited shares authorized 1 8 , 0 0 0 shares issued and outstanding $ 3 9 0 , 0 0 0 Common shares, unlimited shares authorized 7 3 , 0 0 0 shares issued and outstanding 7 3 3 , 0 0 0 Total contributed capital $ 1 , 1 2 3 , 0 0 0 Retained earnings 3 7 6 , 0 0 0 Total equity $ 1 , 4 9 9 , 0 0 0 In 2 0 2 3 and 2 0 2 4 , the company had the following transactions affecting shareholders and the equity accounts 2 0 2 3 Jan 1 Sold 2 8 , 0 0 0 common shares at $ 1 0 4 4 per share 5 The directors declared a total cash dividend of $ 2 2 9 , 0 0 0 payable on Feb 2 8 to the Feb 5 shareholders of record Dividends had not been declared for the years 2 0 2 1 and 2 0 2 2 All of the preferred shares had been issued during 2 0 2 1 Feb 2 8 Paid the dividends declared on January 5 July 1 Sold preferred shares for a total of $ 1 5 6 , 6 0 0 The average issue price was $ 2 0 per share Dec 3 1 Closed the dividend accounts along with the $ 5 7 6 , 6 0 0 credit balance in the Income Summary account 2 0 2 4 Sept 5 The directors declared the required cash dividend on the preferred shares and a $ 1 2 per common share cash dividend payable on October 2 8 to the October 5 shareholders of record Oct 2 8 Paid the dividends declared on September 5 Dec 3 1 Closed the Cash Dividends account along with the $ 5 4 3 , 0 0 0 credit balance in the Income Summary account Required 1 Prepare journal entries to record the transactions and closings for 2 0 2 3 and 2 0 2 4 The company uses a cash dividends account to record declared dividends 2 Prepare a statement of changes in equity for the year ended December 3 1 , 2 0 2 4 ( Amounts to be deducted should be indicated by a minus sign ) 3 Prepare the equity section of the company s balance sheet as of December 3 1 , 2 0 2 4 The balance sheet for Tactex Controls Inc , provincially incorporated in 2 0 2 1 , reported the following components of equity on December 3 1 , 2 0 2 2 In 2 0 2 3 and 2 0 2 4 , the company had the following transactions affecting shareholders and the equity accounts 2 0 2 3 Jan 1 Sold 2 8 , 0 0 0 common shares at $ 1 0 4 4 per share 5 The directors declared a total cash dividend of $ 2 2 9 , 0 0 0 payable on Feb 2 8 to the Feb 5 shareholders of record Dividends had not been declared for the years 2 0 2 1 and 2 0 2 2 All of the preferred shares had been issued during 2 0 2 1 Feb 2 8 Paid the dividends declared on January 5 July 1 Sold preferred shares for a total of $ 1 5 6 , 6 0 0 The average issue price was $ 2 0 per share Dec 3 1 Closed the dividend accounts along with the $ 5 7 6 , 6 0 0 credit balance in the Income Summary account 2 0 2 4 Sept 5 The directors declared the required cash dividend on the preferred shares and a $ 1 2 per common share cash dividend payable on October 2 8 to the October 5 shareholders of record Oct 2 8 Paid the dividends declared on September 5 Dec 3 1 Closed the Cash Dividends account along with the $ 5 4 3 , 0 0 0 credit balance in the Income Summary account Required

Question

The balance sheet for Tactex Controls Inc , provincially incorporated in 2 0 2 1 , reported the following components of equity on December 3 1 , 2 0 2 2   Tactex Controls Inc  Equity Section of the Balance Sheet December 3 1 , 2 0 2 2 Contributed capital  Preferred shares, $ 1   9 cumulative, unlimited shares authorized  1 8 , 0 0 0 shares issued and outstanding $ 3 9 0 , 0 0 0 Common shares, unlimited shares authorized  7 3 , 0 0 0 shares issued and outstanding 7 3 3 , 0 0 0 Total contributed capital $ 1 , 1 2 3 , 0 0 0 Retained earnings 3 7 6 , 0 0 0 Total equity $ 1 , 4 9 9 , 0 0 0 In 2 0 2 3 and 2 0 2 4 , the company had the following transactions affecting shareholders and the equity accounts  2 0 2 3 Jan  1 Sold 2 8 , 0 0 0 common shares at $ 1 0   4 4 per share  5 The directors declared a total cash dividend of $ 2 2 9 , 0 0 0 payable on Feb  2 8 to the Feb  5 shareholders of record  Dividends had not been declared for the years 2 0 2 1 and 2 0 2 2   All of the preferred shares had been issued during 2 0 2 1   Feb  2 8 Paid the dividends declared on January 5   July 1 Sold preferred shares for a total of $ 1 5 6 , 6 0 0   The average issue price was $ 2 0 per share  Dec  3 1 Closed the dividend accounts along with the $ 5 7 6 , 6 0 0 credit balance in the Income Summary account  2 0 2 4 Sept  5 The directors declared the required cash dividend on the preferred shares and a $ 1   2 per common share cash dividend payable on October 2 8 to the October 5 shareholders of record  Oct  2 8 Paid the dividends declared on September 5   Dec  3 1 Closed the Cash Dividends account along with the $ 5 4 3 , 0 0 0 credit balance in the Income Summary account  Required  1   Prepare journal entries to record the transactions and closings for 2 0 2 3 and 2 0 2 4   The company uses a cash dividends account to record declared dividends  2   Prepare a statement of changes in equity for the year ended December 3 1 , 2 0 2 4   ( Amounts to be deducted should be indicated by a minus sign  ) 3   Prepare the equity section of the company s balance sheet as of December 3 1 , 2 0 2 4   The balance sheet for Tactex Controls Inc , provincially incorporated in 2 0 2 1 , reported the following components of equity on December 3 1 , 2 0 2 2   In 2 0 2 3 and 2 0 2 4 , the company had the following transactions affecting shareholders and the equity accounts  2 0 2 3 Jan  1 Sold 2 8 , 0 0 0 common shares at $ 1 0   4 4 per share  5 The directors declared a total cash dividend of $ 2 2 9 , 0 0 0 payable on Feb  2 8 to the Feb  5 shareholders of record  Dividends had not been declared for the years 2 0 2 1 and 2 0 2 2   All of the preferred shares had been issued during 2 0 2 1   Feb  2 8 Paid the dividends declared on January 5   July 1 Sold preferred shares for a total of $ 1 5 6 , 6 0 0   The average issue price was $ 2 0 per share  Dec  3 1 Closed the dividend accounts along with the $ 5 7 6 , 6 0 0 credit balance in the Income Summary account  2 0 2 4 Sept  5 The directors declared the required cash dividend on the preferred shares and a $ 1   2 per common share cash dividend payable on October 2 8 to the October 5 shareholders of record  Oct  2 8 Paid the dividends declared on September 5   Dec  3 1 Closed the Cash Dividends account along with the $ 5 4 3 , 0 0 0 credit balance in the Income Summary account  Required

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The balance sheet for Tactex Controls Inc., provincially incorporated in 2 0 2 1 , reported the following components of equity on December 3 1

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