The balance sheet for Tactex Controls Inc, provincially incorporated in 2018, reported the following components of equity on December 31, 2019 Tactex Controls Inc. Equity Section of the Balance Sheet December 31, 2019 Contributed capital: Preferred shares, $2.4 cumulative, unlimited shares authorized; 23,000 shares issued and outstanding Common shares, unlimited shares authorized; 78,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $ 395,000 ences 738,000 $1,133,000 381,000 $1,514,000 In 2020 and 2021, the company had the following transactions affecting shareholders and the equity accounts: 2820 Jan. 1 Sold 33,000 common shares at $10.94 per share. 5 The directors declared a total cash dividend of $234,000 payable on Feb. 28 to the Feb. 5 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 $157,100. The average issue price was $20 per share ere to search 0 ENG he 6 K B. Dec. 31 Closed the dividend accounts along with the $577,180 credit balance in the Income Summary account. 2021 Sept. 5 The directors declared the required cash dividend on the preferred shares and a $1.7 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 $543,500 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. View transaction list Journal entry worksheet Record the issuance of 33,000 common shares Note: Enter debits before credits search O ENG B tr 1 Record the issuance of 33,000 common shares 10 2 2 Record the dividend declared on preferred sures and common shares. 3 Record cash dividend paid. ht 4 Record the issuance of preferred shares. Credit nces 5 Record to close the dividend account. 6 Record to close the profit to retained earnings. 7 Record the dividend declared on preferred shares and common shares. Note = journal entry has been entered Record entry Clear entry View general joumal to search Bi 2 4 Record the issuance of preferred shares. 2 5 Record to close the dividend account 1 6 Record to close the profit to retained earnings. 7 Record the dividend declared on preferred shares and common shares Credit 8 Record cash dividend paid. 9 Record to close the cash dividends account. 10 Record to close the income summary account. Note joumal entry has been entered Record entry Clear entry View general journal search O 8 3. Prepare the equity section of the company's balance sheet as of December 31, 2021 TACTEX CONTROLS INC. Equity Section of the Balance Sheet December 31, 2021 Contributed Capital: Total contributed capital $ 0 Total equity $ o search O 2. Prepare a statement of changes in equity for the year ended December 31, 2021 (Amounts to be deducted should be indicated by a minus sign.) Far Year End December 31, 2021 Pretened Centro Share Shares Retained Earnings Total Equity Balance, January 1 Balance, December 31 $ 0 $ 0 5 0 5 0 3. Prepare the equity section of the company's balance sheet as of December 31, 2021. ch O