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The balance sheet for Tactex Controls Inc., provincially incorporated.pdf

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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: Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024 . The company uses a cash dividends account to record declared dividends. Journal entry worksheet Note: Enter debits before credits. 2 Record the dividend declared on preferred shares and common shares. 3 Record cash dividend paid. 4 Record the issuance of preferred shares. 5 Record to close the dividend account. 6 Record to close the profit to retained earnings. 7 Record the dividend declared on preferred shares and common shares. 8 Record cash dividend paid. Note: = journal entry has been entered 9 Record to close the cash dividends account. 10 Record to close the income summary account. Note : = journal entry has been entered 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..

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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: Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024 . The company uses a cash dividends account to record declared dividends. Journal entry worksheet Note: Enter debits before credits. 2 Record the dividend declared on preferred shares and common shares. 3 Record cash dividend paid. 4 Record the issuance of preferred shares. 5 Record to close the dividend account. 6 Record to close the profit to retained earnings. 7 Record the dividend declared on preferred shares and common shares. 8 Record cash dividend paid. Note: = journal entry has been entered 9 Record to close the cash dividends account. 10 Record to close the income summary account. Note : = journal entry has been entered 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.

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