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, 20,800 shares issued and outstanding Retained earnings Total equity $376, eee 224, eee S6ee, eBook Print In 2020, Umi had the following transactions affecting shareholders and the equity accounts: References Jan. Feb. July Aug. Sept. 5 The directors declared a $4.00 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record. 28 Paid the dividend declared on January 5. 6 Sold 1,150 common shares at $39.20 per share. 22 Sold 1,650 common shares at $28.00 per share. 5 The directors declared a $4.00 per share cash dividend payable on October 28 to the October 5 shareholders of record. 28 Paid the dividend declared on September 5. 31 Closed the $348,000 credit balance in the Income Summary account. 31 Closed the Cash Dividends account. Oct. Dec. Required: 1. Prepare journal entries to record the transactions and closings for 2020. The company uses a Cash Dividends account when 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.) Balance, January 1 Issuance of shares ProFt Dividends Balance, December 31 UMI SUSTAINABLE SEAFOOD INC. Statement of Changes in Equity For Year Ended December 31, 2020 Common Retained Total Equity Shares Earnings S 376,000 $ 224,000 $ 600,000 91.280 91,280 348,000 348,000 (177,600) (177,600) S 467,280 S 394,400 $ 861,680 Chec 3. Prepare the equity section of the corporation's balance sheet as of December 31, 2020. (Enter all amounts as positive value: Book UMI SUSTAINABLE SEAFOOD INC. Equity Section of the Balance Sheet December 31, 2020 Contributed capital: Common shares, unlimited shares authorized, 23,600 shares issued and outstanding Print $ 467,280 aferences Retained earnings Total equity 394,400 861,680 $