eBook Print Ceferences The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2022: Common shares, unlimited shares authorized, 20,500 shares issued and outstanding Retained earnings Total equity $373,000 221,000 $594,000 In 2023, Umi had the following transactions affecting shareholders and the equity accounts: Jan. 5 The directors declared a $3.70 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,000 common shares at $38.90 per share. Aug. 22 Sold 1,500 common shares at $27.70 per share.. Sept. 5 The directors declared a $3.70 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 $347,700 credit balance in the Income Summary account. 31 Closed the Cash Dividends account. Required: 1. Prepare journal entries to record the transactions and closings for 2023. The company uses a Cash Dividends account when dividends are declared. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 > Record the dividend declared on 20,500 outstanding shares. Note: Enter debits before credits. Date General Journal Debit Credit