Chapter 12 Assignment (505) 0 Saved Help Save a Ein SubmiI account . 2821 Sept. 5 The directors declared the required (aSh dividend on the preferred shares and a 51.5 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 (ash Dividends account along with the $543,368 credit balance in the Income Summary account. Required: 20 palms 1. Prepare journal entries to record the transactions and closings for 2020 and 2021. The company uses a cash dividends account to record declared dividends. eBook View tran Prim Journal entry worksheet ( 1 2 a 4 5 5 7 a 9 1n ) Record the issuance of 31,000 common shares Note: Enter debils heture credits. EducationChapter 12 Assignment (505) 0 Saved Help Save a Ein SubmiI 1n ) 5 4 Record the issuance of preferred shares. I 5 Record to close the dividend account. I 20 palms 6 Record to Close the prot to retained earnings. I 7 Record the dividend declared on preferred shares and eBook common shares. PM\" 3 Record cash dividend paid. 9 Record to close the cash dividends account. 10 Record to close the income summary account. Nate : . = journal entry has been entered Record entry Clearentry View general journal \\\\\\ EducationChapter 12 Assignment (5Qs) i Saved Help Save & Exit Submit 5 3. Prepare the equity section of the company's balance sheet as of December 31, 2021. TACTEX CONTROLS INC. 20 Equity Section of the Balance Sheet points December 31, 2021 Contributed Capital: eBook Print Total contributed capital $ 0 Total equity $ 0 Mc Graw Hill EducationChapter 12 Assignment (5Qs) i Saved Help Save & Exit Submit The balance sheet for Tactex Controls Inc., provincially incorporated in 2018, reported the following components of equity on December 31, 2019. 5 Tactex Controls Inc. Equity Section of the Balance Sheet December 31, 2019 Contributed capital: Preferred shares, $2.2 cumulative, unlimited shares authorized; 20 21,000 shares issued and outstanding $ 393, 900 points Common shares, unlimited shares authorized; 76,000 shares issued and outstanding 736, 000 Total contributed capital $1, 129, 000 eBook Retained earnings 379,000 Total equity $1, 508, 000 Print In 2020 and 2021, the company had the following transactions affecting shareholders and the equity accounts: 2020 Jan. 1 Sold 31, 000 common shares at $10.74 per share. 5 The directors declared a total cash dividend of $232,000 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2018 and 2019. All of the preferred shares had been issued during 2018. Feb. 28 Paid the dividends declared on January 5. July 1 Sold preferred shares for a total of $156,900. The average issue price was $20 per share. Dec. 31 Closed the dividend accounts along with the $576,900 credit balance in the Income Summary account. 2021 Sent . 5 The directors declared the required cash dividend on the preferred shares and a $1.5 ner Mc Graw Hill Education