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The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized 20,000 shares issued and outstanding ______________________________________ $368,000 Retained earnings _____________________________________________________________________________ M Total equity _______________________________________________________________________________________ 584 000 In 2020, Umi had the following transactions affecting shareholders and the equity accounts: The directors declared a $3.20 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record. Paid the dividend declared on January 5. Sold 750 common shares at $38.40 per share. Sold 1,250 common shares at $27.20 per share. The directors declared a $3.20 per share cash dividend payable on October 28 to the October 5 shareholders of record. Paid the dividend declared on September 5. Closed the $347,200 credit balance in the Income Summary account. Required 1. Prepare the journal entries to record the transactions and closings for 2020. 2. Prepare a statement of changes in equity for the year ended December 31, 2020