1 The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019 10 points Common shares, unlimited shares authorized, 19,700 shares issued and outstanding Retained earnings Total equity $365,000 213,000 5578,000 eBook Print Feb. In 2020, Umi had the following transactions affecting shareholders and the equity accounts. Jan. The directors declared 59.38 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of recoed. 28 Paid the dividend declared on January 5. July 6 Sold 1.100 common shares at $98.10 per share Aug 22 Sold 1,600 con shares at $27.30 per share Sept. 5 The directors declared a 53.30 per share cash dividend payable on October 28 to the October 5 shareholders of record Oct 28 Paid the dividend declared on September 5. Dec. 31 Closed the $346.900 credit balance in the Incone Summary account 31 Closed the Cash Dividends account. Required: 1. Prepare journal entries to record the transactions and closings for 2020 The company uses a Cash Dividends account when dividends are declared Wisconti Help Save 1 2. Prepare a statement of changes in equity for the year ended December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) 10 DOS ebook UMI SUSTAINABLE SEAFOOD INC. Statement of Changes in Equity For Year Ended December 31, 2020 Common Retained Total Equity Shares Enrnings $ 346 900 5 213.000 s 559.900 Print Balance, January 1 Issuance of shares Profit Dividends Balance December 31 5 346 9005 213.000 $ 559.900 ve vol 3. Prepare the equity section of the corporation's balance sheet as of December 31, 2020 (Enter all amounts as positive values.) ts eBook Print UMI SUSTAINABLE SEAFOOD INC. Equity Section of the Balance Sheet December 31, 2020 Contributed capital Preferred shares Contmon shares, unlimited shares authorized, 22.400 shares issued and outstanding Income summary Total equity