The balance sheet for Tactex Controls Inc., provincially incorporated in 2021, reported the following components of equity on December 31,2022. In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts: 2823 Jan. 1 Sold 35, , e0e common shares at $11.14 per share. 5 The directors declared a total cash dividend of $236,680 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2021 and 2822. A11 of the preferred shares had been issued during 2921. Feb. 28 Paid the dividends declared on January 5. July 1 Sold preferred shares for a total of $157,30. The average issue price was $2 per share. Dec. 31 Closed the dividend accounts along with the $577,360 credit balance in the Incone sumary account. In 2023 and 2024, the company had the following transactions affecting sharehoiders and the equity accounts: 2023 Jan. 1 Sold 35,66e common shares at $11.14 per share. 5 The directors declared a total cash dividend of $236,600 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2021 and 2022 . Al1 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 $157,300. The average issue price was s20 per share. Dec. 31 closed the dividend accounts along with the $577,300 credit balance in the Income sumary account. Sept. 5 The directors declared the required cash dividend on the preferred shares and a $1.9 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 5543,76e 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 acco record declared dividends. 1. Prepare journal entries to record the transactions and closings for 2023 and 2024 . The company uses a cash dividends account to record deciared 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 company's balance sheet as of December 31,2024 The balance sheet for Tactex Controls Inc., provincially incorporated in 2021, reported the following components of equity on December 31,2022. In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts: 2823 Jan. 1 Sold 35, , e0e common shares at $11.14 per share. 5 The directors declared a total cash dividend of $236,680 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2021 and 2822. A11 of the preferred shares had been issued during 2921. Feb. 28 Paid the dividends declared on January 5. July 1 Sold preferred shares for a total of $157,30. The average issue price was $2 per share. Dec. 31 Closed the dividend accounts along with the $577,360 credit balance in the Incone sumary account. In 2023 and 2024, the company had the following transactions affecting sharehoiders and the equity accounts: 2023 Jan. 1 Sold 35,66e common shares at $11.14 per share. 5 The directors declared a total cash dividend of $236,600 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2021 and 2022 . Al1 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 $157,300. The average issue price was s20 per share. Dec. 31 closed the dividend accounts along with the $577,300 credit balance in the Income sumary account. Sept. 5 The directors declared the required cash dividend on the preferred shares and a $1.9 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 5543,76e 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 acco record declared dividends. 1. Prepare journal entries to record the transactions and closings for 2023 and 2024 . The company uses a cash dividends account to record deciared 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 company's balance sheet as of December 31,2024