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

Tactex Controls Inc.

Equity Section of the Balance Sheet

December

Contributed capital:

Preferred shares, $ cumulative, unlimited shares authorized; shares issued and outstanding $

Common shares, unlimited shares authorized; shares issued and outstanding

Total contributed capital                         $

Retained earnings                                       

Total equity                                                $

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

Jan. Sold common shares at $ per share.

The directors declared a total cash dividend of $ payable on Feb. to the Feb. shareholders of record. Dividends had not been declared for the years and All of the preferred shares had been issued during

Feb. Paid the dividends declared on January

July Sold preferred shares for a total of $ The average issue price was $ per share.

Dec. Closed the dividend accounts along with the $ credit balance in the Income Summary account.

Sept. The directors declared the required cash dividend on the preferred shares and a $ per common share cash dividend payable on October to the October shareholders of record.

Oct. Paid the dividends declared on September

Dec. Closed the Cash Dividends account along with the $ credit balance in the Income Summary account.

Required:

Prepare journal entries to record the transactions and closings for and The company uses a cash dividends account to record declared dividends.

Prepare a statement of changes in equity for the year ended December Amounts to be deducted should be indicated by a minus sign.

Prepare the equity section of the companys balance sheet as of December