In 2020 , Umi had the following transactions affecting shareholders and the equity accounts: Jan. 5 The directors declared a $3.60 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 950 common shares at $38.80 per share. Aug. 22 Sold 1,450 common shares at $27.60 per share. Sept. 5 The directors declared a $3.60 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 $347,600 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 2020 . The company uses a Cash Dividends account when dividends are declared. Journal entry worksheet 345678> Record the dividend declared on 20,400 outstanding shares. Note: Enter debits before credits