please refer to the screenshot below:

The equity section of the December 31, 2019, balance sheet for Lila's Smoothie Emporium Inc. showed the following: Lila's Smoothie Emporium Inc. Equity Section of the Balance Sheet December 31, 2019 Contributed capital: Preferred shares; $0.65 cumulative; 65,000 shares authorized; 40,000, shares issued and outstanding $630,500 Common shares; 400,000 shares authorized; 575,000 Total contributed capital 7 $1,205,500 Retained earnings 845,000 Total equity _____________________________________________________________________________________________________ E 2 050 500 6 Issued 15,000 common shares at $2.75 per share. 22 Issued 12,500 preferred shares at $7.25 per share. 5 In addition to the declaration of the annual dividend on the preferred shares, the directors declared a $0.20 per common share cash dividend payable on September 28 to the September 5 shareholders of record. Paid the dividend declared on August 5. Closed the $289,650 credit balance in the Income Summary account. Required 1. Prepare the journal entries to record the transactions and closings for 2020. 2. Prepare the statement of changes in equity for the year ended December 31, 2020. 3. Prepare the equity section of the balance sheet as of December 31, 2020