1.The balance Sheet for XYZ Seafood Inc. reported the following components of equity on December 31, 2019:

Common Shares, unlimited shares authorized,

20,800 shares issued and outstanding$376,000

Retained Earnings224,000

Total equity600,000

In 2020, XYZ Seafood Inc. had the following transactions affecting shareholders and the equity accounts:

Jan 5The directors declared a $4.00 per share cash dividend payable on 28^thFeb to the Feb 5^thshareholders of the record.

Feb 28Paid the dividend declared on Jan 5.

Jul 6Sold 1,150 shares at $39.20 per share.

Aug 22Sold 1,650 shares at $28.00 per share.

Sep 5The directors declared dividend of $4.00 per share cash dividend payable on October 28 to the October 5 shareholders of the record.

Oct. 28Paid the dividend declared on Sep 5.

Dec 31Closed the $348,000 credit balance in the Income Summary Account.

Closed the Cash Dividends account.

Required:

a.Prepare journal entries to record the transactions and closings for 2019.

b.Prepare a Statement of changes in Equity for the year ended Dec. 2019

c.Prepare the Equity section of the corporation's balance sheet as of Dec 31,2019.20

XYZ SEAFOOD INC.

Statement of change in equity

For year Ended December 31,2020

Common shares

Retained earning

Total equity

XYZ SEAFOOD INC.

Equity Section of the Balance Sheet

December 31, 2020