The balance sheet for Tactex Controls inc, provinclally 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. 2023 Jan. 1 sold 36 , 000 coteon shares at $11.24 per share. 5. The directors declared a total cosh dividend of $237, abo payable on feb. 28 to the Feb. 5 shareholders of record, DIvldends hod not been declared for the years 2021 and 2022 . A11 of the preferred shares had been issued during 2021. Feb. 28 Paid the dividends declared on Janvary. 5. July 1 Sold preferred shares for a total of $157, 4eo. The average issue price was $20 per share. Dec. 31 Closed the dividend accounts along with the 5577,400 credit balance in the income sumary 2024 account. Sept. 5 The directors declared the required cash dividend on the prefecred shares and o $2.0 per conoon share cash dividend payable on October 28 to the October 5 shareholders of record. Oct. 28 Poid the dividends declared on Sebtenber 5. Dec. 31 Closed the Cash Dividends account along with the 5543,800 credit balance in the Incore Suminary account. Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024 . The company uses a cash dividends accoun record declared dividends