The balance sheet for Tactex Controls Inc., provincially incorporated in $2021,$ reported the following components of equity on

December $31,2022.$Equity Section of the Balance SheetContributed capital: $27,000$ shares issued and outstanding $ $ $399,000$ outstanding

Total contributed capital

Retained earnings

Total equity

$742,000$

$385,000$In $2023$ and $2024,$ the company had the following transactions affecting shareholders and the equity accounts:Jan. $1$ Sold $37,000$ common shares at $$11\mathrm{.}34$ per share. shareholders of record. Dividends had not been declared for the years $2021$ and $2022.$ AllFeb. $28$ Paid the dividends declared on January $5.$

July $1$ Sold preferred shares for a total of $$157,500.$ The average issue price was $$20$ per share.

Dec. $31$ Closed the dividend accounts along with the $$577,500$ credit balance in the Income Summary$2024$

Sept. $5$ The directors declared the required cash dividend on the preferred shares and a $$2\mathrm{.}1$ perOct. $28$ Paid the dividends declared on September $5.$

Dec. $31$ Closed the Cash Dividends account along with the $$543,900$ credit balance in the Income

Required:

Prepare journal entries to record the transactions and closings for $2023$ and $2024.$ The company uses a cash dividends account to

record declared dividends. Required:

Prepare journal entries to record the transactions and closings for $2023$ and $2024.$ The company uses a cash dividends account to

record declared dividends. 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.$)$

${?}^{*}$ Red text indicates no response was expected in a cell or a formula$-$based calculation is incorrect; no points deducted.

Prepare the equity section of the company's balance sheet as of December $31,2024.$

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