Jan. 5 The directors declared a $4.20 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 1,250 common shares at $39.40 per share. Aug. 22 Sold 1,750 common shares at $28.20 per share. Sept. 5 The directors declared a $4.20 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 $348,200 credit balance in the Income Summary account. 31 Closed the Cash Dividends account. References Required: 1. Prepare journal entries to record the transactions and closings for 2020. The company uses a Cash Dividends account when dividends are declared. View transaction list > 1 Record the dividend declared on 21,000 outstanding shares. 2 Record cash dividend paid. 3 Record the issuance of common shares. 4 Record the issuance of common shares. Credit 5 Record the dividend declared on outstanding shares. 6 Record cash dividend paid. 7 Record to close the income summary account. Note = journal entry has been entered Record entry Clear entry View general journal 1 2 Record cash dividend paid. 3 Record the issuance of common shares. 4 Record the issuance of common shares. 5 Record the dividend declared on outstanding shares. References Credit 6 Record cash dividend paid. 7 Record to close the income summary account. 8 Record to close the cash dividend account Note := journal entry has been entered Record entry Clear entry Vlew general Journal 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.) UMI SUSTAINABLE SEAFOOD INC. Statement of Changes in Equity For Year Ended December 31, 2020 Common Retained Shares Earnings Total Equity Balance, January 1 Balance, December 31