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, $2.2 cumulative, unlimited shares authorized; 21,000 shares issued and outstanding	$	393,000
Common shares, unlimited shares authorized; 76,000 shares issued and outstanding		736,000
Total contributed capital	$	1,129,000
Retained earnings		379,000
Total equity	$	1,508,000

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

2023
Jan.	1		Sold 31,000 common shares at $10.74 per share.
	5		The directors declared a total cash dividend of $232,000 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 $156,900. The average issue price was $20 per share.
Dec.	31		Closed the dividend accounts along with the $576,900 credit balance in the Income Summary account.
2024
Sept.	5		The directors declared the required cash dividend on the preferred shares and a $1.5 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 $543,300 credit balance in the Income Summary account.

Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024. The company uses a cash dividends account to record declared dividends.

2. Prepare a statement of changes in equity for the year ended December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.)

3. Prepare the equity section of the companys balance sheet as of December 31, 2024.