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The balance sheet for Tactex Controls Inc., provincially incorporated in 2021, reported the following comp December 31, 2022. In 2023 and 2024, the company had the following transactions affecting shareholders and the equi 2023 Jan. 1 Sold 26,000 common shares at $10.24 per share. 5 The directors declared a total cash dividend of $227,000 payable on Feb. 28 to the F shareholders of record. Dividends had not been declared for the years 2021 and 2022. 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 $156,400. The average issue price was $20 per Dec. 31 closed the dividend accounts along with the $576,400 credit balance in the Income 5 account. 2024 5 The directors declared the required cash dividend on the preferred shares and a $1 common share cash dividend payable on October 28 to the October 5 shareholders of 28 Paid the dividends declared on September 5. 31 Closed the Cash Dividends account along with the $542,800 credit balance in the I Summary account. quired: repare journal entries to record the transactions and closings for 2023 and 2024. The com 2. Prepare a statement of changes in equity for the year ended December 31, 2024. (Amounts to 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 comp December 31, 2022. In 2023 and 2024, the company had the following transactions affecting shareholders and the equi 2023 Jan. 1 Sold 26,000 common shares at $10.24 per share. 5 The directors declared a total cash dividend of $227,000 payable on Feb. 28 to the F shareholders of record. Dividends had not been declared for the years 2021 and 2022. 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 $156,400. The average issue price was $20 per Dec. 31 closed the dividend accounts along with the $576,400 credit balance in the Income 5 account. 2024 5 The directors declared the required cash dividend on the preferred shares and a $1 common share cash dividend payable on October 28 to the October 5 shareholders of 28 Paid the dividends declared on September 5. 31 Closed the Cash Dividends account along with the $542,800 credit balance in the I Summary account. quired: repare journal entries to record the transactions and closings for 2023 and 2024. The com 2. Prepare a statement of changes in equity for the year ended December 31, 2024. (Amounts to a minus sign.) 3. Prepare the equity section of the company's balance sheet as of December 31, 2024

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