1 The balance sheet for Umi Sustainable Seafood Inc, reported the following components of equity on December 31, 2019: $310.000 Common shares, linted share withorized, 21.00 shares issued and tatanding Netained caring Total equity $ 3664,000 In 2020, Umi had the following transactions affecting shareholders and the equity accounts: the directors declared a $4.20 per share cash dividend payable on Feb. 28 to the reb. Shareholders of record. Pab. 21 Paid the dividend declared on January 5. July Sold 1,25 common shares at $39.40 per share. hag 22 Sold 1,750 C shares at $23.20 per share Sept. 5 the directors declared a $4.30 per share cash dividend payable on October 28 to the celeber 5 shareholders of record. Der Closed the 348.200 credit balance in the Income Day sccount Oct. 2 Taid the dividend declared on September 5. 3: closed the Cash Dividenda 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. Answer is not complete Debt Credit No 1 Date Jan 03, 2000 General Joumal Cash Minds Common didend payable 38.200 2 Feb 2, 2020 Common dividend payable 88.200 8200 3 Jul. 2020 Cash Cores 40.250 Aug 22.2020 49.390 Cash Cash Common shares 49,350 5 Sep 05, 2020 100,000 Cash dividenda Commodend payable 100,00 Oct 29, 2020 100,800 Common dividend pay Cash 100.000 Dec 31, 2020 345,200 Pewned emings 348.200 A Dec 31, 2020 169.000 Ridings Cash didende 180,000 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) Answer is not complete. UMI SUSTAINABLE SEAFOOD INC. Sement of Changes in Equity For Year Ended December 31, 2020 Common Retained Shares Earnings Balance, January Kance of share Pro 341200 Didende 189.000) Haban, December 31 Total Equity 4900 40.350 448200 1189.000 257,00 3. Prepare the equity section of the corporation's balance sheet as of December 31, 2020 (Enter all amounts as positive values.) , ) Answer is not complete. UMI SUSTAINABLE SEAFOOD INC Equity Section of the Balance Sheet December 31, 2020 Contributed capital 0