The balance sheet for Tactex Controls Inc., provincially incorporated in 2012, reported the following components of equity on December 31, 2013.
In 2014 and 2015, the company had the following transactions affecting shareholders and the equity accounts:
Required 1. Prepare journal entries to record the transactions and closings for 2014 and 2015. 2. Prepare a statement of changes in equity for the year ended December 31, 2015. 3. Prepare the equity section of the company’s balance sheet as of December 31,2015.