Preferred shares, $2.8 cumulative, unlimited shares authorized; December 31, 2022 27,000 shares issued and outstanding Common shares, unlimited shares authorized; 82,000 shares issued and outstanding Total contributed capital In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts: 1 Sold 37,000 common shares at $11.34 per share. 5 The directors declared a total cash dividend of $238,000 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2021 and 2022. All of the preferred shares had been issued during 2021. 28 Paid the dividends declared on January 5. Feb. 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 account. 2024 Sept. 5 The directors declared the required cash dividend on the preferred shares and a $2.1 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 Cash Dividends account along with the $543,900 credit balance in the Income Summary account. Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024. The company uses a cash dividends account to Contributed capital: Retained earnings Total equity $399,000 742,000 $1,141,000 385,000 $1,526,000 2023 Jan. record declared dividends.